U.K.'s FTSE 100 Falls After Longest Weekly Rally Since Octoberby
Old Mutual jumps on report it plans to split businesses
FTSE 100 rallied on Friday to highest level of the year
U.K. stocks fell, after a three-week rally pushed the FTSE 100 Index to its highest level of the year.
Randgold Resources Ltd., among the best performers of 2016, slid 3 percent. HSBC Holdings Plc and Lloyds Banking Group Plc fell, pacing losses among European peers. The FTSE 100 Index slid 0.3 percent at the close in London, tempering losses of as much as 1.2 percent after miners reversed a decline, with Antofagasta Plc and Glencore Plc jumping at least 6.7 percent.
The benchmark rebounded 12 percent from its Feb. 11 low through last week’s close amid gains in commodity producers, making it one of the best performers in western Europe this year. The broader FTSE All-Share Index and Ireland’s ISEQ Index also fell today.
Among shares active on corporate news, Old Mutual Plc jumped 6.9 percent on speculation that it’s considering a breakup of businesses as part of a strategic review. St. James’s Place Plc and Standard Life Plc advanced 1.4 percent or more after U.K. Chancellor of the Exchequer George Osborne dropped a plan to overhaul pension tax relief.