UK equities edge on disappointing EU summit

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Source: Dukascopy Bank SA
© Scanpix/AP
UK shares are trading lower on Friday as the EU leaders failed to reach agreement over Spanish bailout. However, officials continued to pursue the goal of setting up a supervisor for euro-area. The leaders will agree on the framework on making the ECB the main supervisor by January 1, 2013. Meanwhile, UK public sector net borrowings climbed less than expected in Q3. The FTSE 100 Index dropped by 0.27% to trade at 5,901.32. Six out of ten sectors within the index gained. The best-performers were oil and gas companies and health care firms. BG and BP rose 0.19% and 0.22% despite weak crude oil prices. Among health care companies, AstraZeneca gained 0.05%. At the same time, lenders moved lower, with Barclays and HSBC losing 2.24% and 0.34%. Lloyds Banking Group shed 2.81% after JPMorgan Chase & Co downgraded the bank's stock rating to ‘sell'. 


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