LONDON MARKETS: FTSE 100 Wavers As Investors Wait For Yellen
May 27 2016 - 12:31PM
Dow Jones News
By Carla Mozee, MarketWatch
Still on track for weekly win
U.K. stocks struggled to find a firm footing Friday, as
investors waited to hear what hints U.S. Federal Reserve Chairwoman
Janet Yellen may drop about the likelihood of an interest-rate
increase in June.
The FTSE 100 rose 0.1% to close at 6,270.79, after darting
between small gains and losses throughout the session.
For the week, the benchmark ended with a 1.9% gain, after a
rally that was partly driven by oil moving above $50 a barrel,
albeit just for part of a day.
Mining shares put in the worst performance sector-wise on
Friday, tracking most metals lower. The slide came as the dollar
rose against other major currencies
(http://www.marketwatch.com/story/dollar-holds-tight-as-investors-wait-for-yellen-to-speak-later-2016-05-27)
ahead of Yellen's appearance at Harvard University later Friday for
the annual Radcliffe Day celebration. While investors will be
watching for any comments she has on the timing of interest rates,
Fed observers caution that she may hold off from a major
pronouncement on policy.
Read:Fed's Yellen may send interest-rate message by not making
one
(http://www.marketwatch.com/story/feds-yellen-may-send-interest-rate-message-by-not-making-one-2016-05-25)
Iron ore heavyweight Rio Tinto PLC (RIO) (RIO) (RIO) fell 0.3%,
Glencore PLC (GLEN.LN) lost 1.2%, and Anglo American PLC (AAL.LN)
gave up 2.7%. The company said it named Bruce Cleaver as chief
executive of its De Beers Group diamond unit,
(http://www.marketwatch.com/story/anglo-american-appoints-new-de-beers-ceo-2016-05-27-2485276)
effective July 1.
Among energy shares, Royal Dutch Shell PLC (RDSB.LN) (RDSB.LN)
and BP PLC (BP.LN) (BP.LN) each fell by 0.7% as oil prices slipped,
trading below $50 a barrel
(http://www.marketwatch.com/story/oil-spends-less-than-a-day-above-50-as-investors-cash-in-ahead-of-opec-2016-05-27).
Banks supported the index, with shares of Royal Bank of Scotland
Group PLC (RBS.LN)(RBS.LN) up 1.1%, Barclays PLC (BCS) (BCS) rising
0.8% and HSBC Holdings PLC (HSBA.LN) (HSBA.LN) (HSBA.LN) 0.6%
higher.
U.K. stocks will be closed for trade on Monday due to the late
May bank holiday.
(END) Dow Jones Newswires
May 27, 2016 12:16 ET (16:16 GMT)
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