FTSE falls, ending three-week winning streak
By Kit Rees
LONDON (Reuters) - Britain's benchmark shares index fell on Friday as a drop in mining stocks and luxury goods group Burberry weighed on the market, which recorded its first weekly loss in a month.
The blue-chip FTSE 100 index <.FTSE> ended down 1.1 percent at 6,310.44 points, ending a three-week stretch of gains and slipping from a four-month high reached earlier in the week.
Mining stocks such as Anglo American and Rio Tinto were the worst performers, hit by a drop in copper prices. [MET/L]
Commodity prices have been under pressure throughout 2016 on concerns about a China-led global economic slowdown.
"Commodities have had a spectacular run over the past few months but that doesn't really change the fundamental story," said IG analyst Chris Beauchamp who added that any future gains in the mining stocks looked limited at the moment.
Burberry also fell by 1.3 percent after French peer Kering reported a slowdown in growth at its premium Gucci brand.
Supermarket chain Sainsbury , however, rose 1.3 percent after Deutsche Bank raised its rating on the company to "buy" from "hold".
The FTSE 100 is up 1.1 percent since the start of 2016 but 11 percent below a record high reached in April 2015.
(Additional reporting by Sudip Kar-Gupta; Editing by David Goodman)
