By Carla Mozee, MarketWatch
LONDON (MarketWatch) -- U.K. stocks hugged the flatline Friday,
but Standard Life PLC shares outperformed after the investment
manager released its financial results.
The FTSE 100 was up 2 points at 6,890.50, with gains for energy,
mining and industrial shares barely edging out losses for consumer,
utility and financial issues.
But Standard Life was higher by 2.2% after the company said
assets under management last year increased 38% to about 300
billion pounds
(http://www.marketwatch.com/story/standard-life-assets-under-management-rises-38-2015-02-20)
($460 billion), aided by rising financial markets and its
acquisition of Ignis Asset Management. Pretax profit rose 19% to
GBP604 million.
Trailing at the bottom of the benchmark was Kingfisher PLC , the
home-improvement retailer whose brands include B&Q and
Screwfix. Its shares fell 2.4% following a downgrade to an
underweight rating, from equalweight, at Barclays. "We do not share
the bulls' optimism about a QE-led French housing-market
improvement," wrote analyst Christodoulos Chaviaras. "At the same
time, in the U.K., competitive pressure intensifies as B&Q
remains overspaced with an inflexible cost structure."
The FTSE 100 was on track for a weekly gain of 0.3%.
Meanwhile, the pound (GBPUSD) was trading at $1.5410 ahead of a
U.K. retail sales report for January, due at 9:30 a.m. London time,
or 4:30 a.m. Eastern Time. Sales are expected to have fallen by
0.2%. The pound late Wednesday bought $1.5416. The euro (EURGBP)
was buying 73.59 pence, hovering around a seven-year low against
sterling.
Investors will also keep watch on developments out of Brussels,
where eurozone finance ministers were expected to discuss Greece's
request of a loan extension
(http://www.marketwatch.com/story/positive-climate-as-greeces-tsipras-speaks-with-german-chancellor-merkel-2015-02-19).
Germany on Thursday rejected the Greek government's proposal.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires