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The FTSE 100 closed Friday down 0.5% to 7461 points, dragged by basic resources and banks with lower copper and oil prices weighing, amid widespread pessimism in global markets on the back of a hawkish narrative from central banks, CMC Markets U.K. Chief Market Analyst Michael Hewson says in a note. "This week’s bigger-than-expected rate hikes from the Bank of England and Norges Bank suggests higher rates are likely to be with us for a long time," Hewson adds. Shares of the retailer Ocado closed down 5.3% and led the top fallers following Thursday’s surge on bid speculation, followed by DS Smith and IAG, down 4.4% and 4.2% respectively. GSK outperformed the index, up 4.9% after the group reached a confidential settlement regarding its Zantac treatment. COMPANIES NEWS: Severn Trent’s Andigestion Acquisition Faces UK Regulator Probe The U.K.’s Competition and Markets Authority on Friday said it is considering whether Severn Trent’s proposed acquisition of Andigestion would substantially lessen competition within any market or markets for goods or services in the country. — GSK Reaches Confidential Settlement Over Zantac Litigation GSK said Friday it reached a confidential settlement with plaintiff James Goetz regarding the legal action concerning heartburn treatment Zantac […]
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