*
FTSE 100 down 0.9%, FTSE 250 down 1.14%
*
Precious metal miners retreat after rally
*
Ibstock ( IBJHF ) slides after profit drop warning
(Updates after markets close)
Oct 10 (Reuters) - British stocks closed lower on
Friday, as losses in heavyweight energy and miners outweighed
gains in consumer shares.
The benchmark FTSE 100 dropped 0.9% to 9,427.47 and
ended the week 0.67% lower.
The mid-cap index was down 1.14% on Friday and also
recorded a weekly loss of 1.8%.
The oil and gas sector was the biggest drag,
down 2.9% as oil prices declined to multi-month lows on Friday.
Shell and BP were the biggest weights on
the FTSE 100 with 2.9% and 2.8% declines respectively.
The aerospace and defence sector fell 1.6%.
Rolls-Royce fell 1.4%, while BAE Systems and
Melrose lost 1.6% and 2.6% respectively.
Resource-linked sectors also took a hit, with precious
and industrial metal miners down
1.8% and 2.3% respectively, tracking a dip in gold and copper
prices.
Endeavour Mining ( EDVMF ) and Glencore ( GLCNF ) were among
the worst performers on the FTSE 100, as investors booked some
profits after a recent rally.
Russ Mould, investment director at AJ Bell, said investors
crystallized gains often, but the question was whether this
money was going to be invested in new areas or taken off the
market for bargain-hunting if the markets saw a correction.
The benchmark index was weighed heavily by banks after
HSBC's privatisation plans for a Hong Kong bank on Thursday,
despite hitting record highs this week.
Among other stocks, Ibstock ( IBJHF ) lost 4%, hitting its
lowest level in over nine years after the bricks and concrete
maker warned its annual profit would fall below expectations.
The stock was among the worst performers on the domestically
focussed FTSE 250 and weighed on the broader construction
sector, which was down 0.6%.
Conversely, consumer staples stocks saw gains, with
beverages companies up moderately, and personal
care, drug and grocery companies up 0.9%.
Among others, Hays emerged as the top gainer on the
FTSE 250 earlier in the day following its first-quarter trading
update. However, the recruitment firm gave up most of those
gains to end the session flat.