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Banks down for the year
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Energy down tracking lower oil prices
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J D Wetherspoon back in profit, hits 8-month high
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UK Feb retail sales rise unexpectedly
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FTSE 100 down 1.3%, FTSE 250 off 1.3%
(Adds comment; updates prices, details)
By Shashwat Chauhan and Johann M Cherian
March 24 (Reuters) - London stocks fell more than 1% on
Friday, with financials stocks extending declines at the end of
yet another turbulent week for markets as concerns regarding the
condition of the global financial system lingered.
Global sentiment was fragile after shares of German behemoth
Deutsche Bank took a beating as its credit default
swaps , which reflect the cost of insuring debt
against default, shot to a four-year high. The blue-chip FTSE 100 fell 1.3% as banks lost 3.1%, pushing the lenders into the red for
the year.
"It's yet another banking losses kind of story. The thing we
thought was put to bed earlier in the week has come back to
haunt us," said Chris Beauchamp, chief market analyst at IG
Group. "The moves have translated into UK banks and have wiped
out all the gains we've made since October."
Banks had gained nearly 41% between mid-October and early
March and have lost nearly 19% since then.
Energy majors Shell and BP also fell 3.1%
and 2.5%, respectively as oil prices extended losses. Despite Friday's losses, the FTSE 100 was up nearly 1% for
the week, its best weekly performance in five, helped by a brief
mid-week relief rally in banking stocks and miners.
The domestically focussed FTSE 250 midcap index fell
1.3%.
Meanwhile, a preliminary reading of the S&P Global UK
Composite Purchasing Mangers' Index (PMI) came in at 52.2 in
March, down from 53.1 in February. Economists had forecast a
reading of 52.8.
Separately, data showed British retail sales rebounded by
1.2% in February versus expectations of a rise of 0.2%.
J D Wetherspoon rose 13.6% to an eight-month high as
Britons' taste for cocktails, Welsh vodka and real ale helped
the pubs group swing to profit in the first half of its
financial year.
(Reporting by Shashwat Chauhan and Johann M Cherian in
Bengaluru; Editing by Subhranshu Sahu, Savio D'Souza and Alex
Richardson)
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