U.K. Stocks Slide With Oil Shares to Cap Worst Week Since Augustby
FTSE 100 swung between gains and losses on final day of week
Tesco rises after Barclays raises rating on grocer's shares
U.K. stocks closed lower in a volatile session, deepening a weekly drop amid declines in oil-and-gas companies.
Royal Dutch Shell Plc fell 5.9 percent after saying it’s on track to complete its takeover of BG Group Plc. Tullow Oil Plc and BP Plc followed crude prices lower, dragging a gauge of energy shares to its lowest level since 2004. Tesco rallied 5.5 percent after Barclays Plc raised its rating on the grocer to overweight, citing attractive valuation and “helpful catalysts.”
The FTSE 100 Index lost 0.7 percent at the close in London. The benchmark rose as much as 1 percent earlier as U.S. payrolls data beat estimates. Amid a China-fueled global rout, the miner-heavy equity benchmark has slipped 5.3 percent this week, the most since August.
The broader FTSE All-Share Index slid 0.6 percent and Ireland’s ISEQ Index was up 0.2 percent today.
Among other stocks active on corporate news, Sports Direct International Plc tumbled 15 percent after saying it’s no longer confident of meeting its full-year earnings target.