Oct. 30 (Bloomberg) -- U.K. stocks declined, posting the worst week since a rally started in March, as concern mounted that gains may have outpaced prospects for earnings growth.

Fresnillo Plc and Kazakhmys Plc led losses today, tracking metals prices lower. Meggitt Plc jumped 5.6 percent after the company said it’s ahead of schedule on its cost-cutting plan.

The benchmark FTSE 100 lost 93.17, or 1.8 percent, to 5,044.55 today, for a weekly decline of 3.8 percent. The FTSE All-Share Index fell 1.7 percent today and Ireland’s ISEQ Index sank 2.4 percent.

The FTSE 100 has risen 44 percent since reaching a six-year low on March 3. The index finished the week lower even after earnings beat estimates and the U.S. government reported faster- than-expected third-quarter economic growth.

“Unless the upbeat U.S. GDP figure yesterday can stem the rate of sell-offs, we may have to wait awhile longer before we see a further sustained assault on the 5,300 level,” said Philip Gillett, a trader at IG Index in London.

Spending by U.S. consumers fell in September for the first time in five months, the Commerce Department said today, after the government’s auto-rebate program expired. Incomes were unchanged, while the savings rate climbed.

Fresnillo, the world’s largest primary silver producer, fell 7.5 percent to 741.5 pence. Kazakhmys, Kazakhstan’s biggest copper producer, lost 8.2 percent to 1,089 pence. Copper, zinc and aluminum were among commodities that tumbled in the London Metals Exchange.

Meggitt jumped 5.6 percent to 245 pence. Better-than- expected progress in cost reduction “mitigated substantially” the impact of the civil aviation slump on profit margins, the U.K. maker of engine-monitoring systems for Airbus SAS and Boeing Co. planes said today.

Shire, F&C

Shire Plc gained the most in three months in London trading after the U.K. drugmaker’s earnings beat analyst targets and the company affirmed prospects for its treatment for the rare genetic disorder Gaucher disease.

F&C Asset Management Plc, which oversees the oldest U.K. investment fund, gained 0.8 percent to 74.1 pence. The company said assets under management rose 12 percent in the third quarter, boosted by rising markets and foreign-currency gains.

Lloyds Banking Group Plc rose 1.2 percent to 87.03 pence, following yesterday’s 7.5 percent jump. Shares in the U.K.’s biggest mortgage lender were raised to “neutral” from “underperform” at Exane BNP Paribas and Credit Suisse Group AG a day after the bank said it’s in advanced talks to avoid using the U.K. government’s asset insurance program and is considering its fundraising options.

Lloyds is likely to get shareholder support for its plan to raise more than 11 billion pounds ($18 billion) in a rights offering, investors said today.

To contact the reporters on this story: Alexis Xydias in London at axydias@bloomberg.net.

Last Updated: October 30, 2009 13:28 EDT