UKX FTSE 100 Index

By Victor Reklaitis, MarketWatch

Sports Direct's stock gains as Mike Ashley takes over as CEO

U.K. stocks inched lower on Friday as some miners and financials lost ground, though the main British benchmark still managed a sizable weekly gain.

The FTSE 100 index dipped by less than 0.1% to end at 6,909.43, but that still left the blue-chip benchmark up 3% for the week. It closed 1.1% higher on Thursday (http://www.marketwatch.com/story/ftse-100-rallies-as-fed-keeps-interest-rates-on-hold-2016-09-22), rising for a fourth straight day after the U.S. Federal Reserve's decision to stand pat on rates inspired risk taking.

The benchmark's weekly rise represented its biggest advance since the week ended July 1.

Miners in focus: Polymetal International PLC (POLY.LN) was the FTSE's biggest decliner, with the gold and silver miner's stocks falling 7.4%. The drop continued a reversal to the downside from Thursday, when shares closed up 1.2% after trading as much as 7% higher.

Other miners also were among the day's notable losers, after mostly gaining Thursday when a weaker dollar boosted metals prices. The ICE U.S. Dollar Index was little changed on Friday, and gold prices were down moderately.

Fresnillo PLC's stock (FRES.LN) closed 0.9% lower, Randgold Resources Ltd. (RRS.LN) lost 1.4%, and Antofagasta PLC (ANTO.LN) shed 0.3%.

Not all miners pulled back, as Anglo American PLC (AAL.LN) rose 3.3%.

Among financials, Royal Bank of Scotland Group PLC (RBS.LN) (RBS.LN) closed down 2.1%, as Standard Chartered PLC (STAN.LN) fell 1.9%.

Oil and energy stocks: Energy stocks bounced back from early losses to finish higher, even as oil prices retreated. Analysts said crude fell because investors were cashing in on gains (http://www.marketwatch.com/story/oil-prices-fall-as-investors-cash-in-on-gains-ahead-of-next-weeks-opec-meeting-2016-09-23), approaching next week's much-anticipated meeting of major oil producers with caution and skepticism.

BP PLC (BP.LN) finished up 0.5%, while Royal Dutch Shell (RDSB.LN) edged up 0.2%.

Other movers: Sports Direct International PLC (SPD.LN) closed up 5.5% on the midcap FTSE 250 after the embattled sportswear retailer's CEO, Dave Forsey (http://www.marketwatch.com/story/sports-direct-shares-rally-as-founder-mike-ashley-takes-over-as-ceo-2016-09-23), resigned. Founder Mike Ashley said he's taking the reins.

Ashley is "making a public commitment to refocusing and getting the company he founded back on track," said CMC Markets analyst Jasper Lawler in a note.

The pound and BoJo: The British pound traded at $1.2959, down from $1.3078 Thursday in New York.

Analysts blamed the drop in part on comments from Boris Johnson, who said Thursday he expects the U.K. to formally begin its exit (http://www.marketwatch.com/story/uk-aims-to-start-brexit-talks-in-early-2017-says-boris-johnson-2016-09-23) from the European Union in the early months of next year, speaking to Sky News. Britain's foreign minister also said he doesn't think the U.K. government will need the full two-year window for the Brexit negotiations.

(END) Dow Jones Newswires

September 23, 2016 12:48 ET (16:48 GMT)

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