U.K. Investors Trimming Miners, Buying Financials

FTSE GroupIt was a battle for the U.K. markets on Friday, but investors were able to push just enough for the averages to end in the green. Economic data played a part in the action, as well investors trimming miners and commodity plays, but buying into recent beaten-down financials.

UK’s June Mortgage approvals data came in at 64,770 (expected 65,650; last 66,720), while June Mortgage lending came in at GBP3.30 billion (expected GBP2.60 billion; last GBP2.90 billion).

Shares of Pearson ended down in reaction to disappointing results. Energy and mining names like Randgold Resources, Royal Dutch Shell, Fresnillo, Anglo American, and Rio Tinto lagged for much of the day. Select financials outperformed with Barclays pacing the gains after posting above-average results.

Shares of iShares MSCI United Kingdom (NYSE:EWU) are $0.06 to $15.60 currently. Year-to-date, the ETF is down just over 3%.


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