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Sept. 26, 2014, 12:05 p.m. EDT

Bank stocks lift FTSE 100; Sports Direct drops

FTSE 100 on track for 3% weekly slump

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By Carla Mozee, MarketWatch

LONDON (MarketWatch) — U.K. stocks moved higher Friday, with banking issues advancing on the prospect of a settlement between major financial firms and an industry regulator.

The U.K.’s FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX +0.56%  ended up 0.2% to 6,649.39, reversing a loss as bank stocks strengthened. The move came after The Wall Street Journal reported the U.K.’s Financial Conduct Authority has spoken with six major banks about a potential settlement of a long-running investigation into possible manipulation of currency markets.

People familiar with the matter said the FCA has spoken with executive and lawyers at Barclays PLC, HSBC Holdings PLC, Royal Bank of Scotland Group PLC, as well as Citigroup Inc. /zigman2/quotes/207741460/composite C +2.64% , J.P. Morgan Chase & Co. /zigman2/quotes/205971034/composite JPM +1.73%  and UBS AG .

In London, shares of HSBC /zigman2/quotes/203901799/delayed UK:HSBA +0.77%  climbed 0.6%, Lloyds Banking Group PLC /zigman2/quotes/202285510/delayed UK:LLOY +2.36%   /zigman2/quotes/200709414/composite LYG +2.26%  added 0.6% and RBS picked up 0.3%.

But pressure remained on shares of Sports Direct International and supermarket chain Tesco PLC, whose stock was facing its worst weekly performance in more than two years.

Sports Direct  dropped 2.7%, extending Thursday’s loss of 3.4%. The retailer, under owner Mike Ashley’s direction, made a 43 million pound ($70.1 million) bet via a put option that shares of embattled Tesco /zigman2/quotes/203761082/delayed UK:TSCO +1.06% will rise, it said.

Shares of Tesco lost 0.5%. The shares skidded 17% over the week because of a revelation Monday that an accounting error means its profit forecast was overestimated by £250 million. That is the stock’s biggest weekly fall since January 2012.

Off the FTSE 100, De La Rue PLC /zigman2/quotes/206574260/delayed UK:DLAR -1.20%  shares stumbled 34% after the bank-note printer, whose customers include the Bank of England, issued a profit warning for the year, saying business conditions “have deteriorated”.

Read about more big European stock moves here.

For the week, the FTSE 100 lost 2.8%. Stocks on Thursday were in part hurt after BOE Governor Mark Carney said the time for an interest-rate hike is moving closer. Such a move could come as early as next year, economists have said.

/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,564.92
+42.17 +0.56%
Volume: 648,110
May 26, 2022 4:56p
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/zigman2/quotes/207741460/composite
US : U.S.: NYSE
$ 54.09
+1.39 +2.64%
Volume: 19.14M
May 26, 2022 4:03p
P/E Ratio
6.38
Dividend Yield
3.77%
Market Cap
$102.34 billion
Rev. per Employee
$357,498
loading...
/zigman2/quotes/205971034/composite
US : U.S.: NYSE
$ 129.44
+2.20 +1.73%
Volume: 15.99M
May 26, 2022 4:00p
P/E Ratio
9.60
Dividend Yield
3.09%
Market Cap
$373.71 billion
Rev. per Employee
$465,702
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/zigman2/quotes/203901799/delayed
UK : U.K.: London
525.30 p
+4.00 +0.77%
Volume: 16.82M
May 26, 2022 4:35p
P/E Ratio
12.77
Dividend Yield
3.78%
Market Cap
£104.80 billion
Rev. per Employee
£200,552
loading...
/zigman2/quotes/202285510/delayed
UK : U.K.: London
45.34 p
+1.05 +2.36%
Volume: 136.58M
May 26, 2022 4:35p
P/E Ratio
6.08
Dividend Yield
4.41%
Market Cap
£30.60 billion
Rev. per Employee
£724,994
loading...
/zigman2/quotes/200709414/composite
US : U.S.: NYSE
$ 2.26
+0.05 +2.26%
Volume: 9.92M
May 26, 2022 4:00p
P/E Ratio
5.49
Dividend Yield
4.51%
Market Cap
$38.39 billion
Rev. per Employee
$997,086
loading...
/zigman2/quotes/203761082/delayed
UK : U.K.: London
258.00 p
+2.70 +1.06%
Volume: 25.72M
May 26, 2022 4:35p
P/E Ratio
13.29
Dividend Yield
4.22%
Market Cap
£19.19 billion
Rev. per Employee
£177,294
loading...
/zigman2/quotes/206574260/delayed
UK : U.K.: London
98.60 p
-1.20 -1.20%
Volume: 598,734
May 26, 2022 4:35p
P/E Ratio
13.58
Dividend Yield
0.00%
Market Cap
£194.77 million
Rev. per Employee
£177,267
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Carla Mozee is a reporter for MarketWatch, based in London. Follow her on Twitter @MWMozee.

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