UK shares slump from highs unseen since February, Petrofac falls the most

UK shares dropped from highs unseen since February, while Petrofac Ltd. (PFC) registered the largest loss within the FTSE 100 (UKX) Index during yesterdays trade. The UK benchmark gauge fell 0.36%, or 24.68 points, to reach 6,814.57 at the close in London on Friday. The index recorded a 0.1% weekly loss, which followed three consecutive weeks of gains, as corporate mergers and acquisitions increased. The volume of traded shares of FTSE 100-listed companies was 20% lower than the 30-day average, Bloomberg reported.

Shares of Petrofac Ltd. (PFC), the international provider of facilities solutions to the oil and gas production industry, plunged 15.20% to close at 1,177.000 GBP on Friday. This has been the most considerable fall since November, which came after the company projected a 2014 profit at the amount of 580 million USD to 600 million USD, missing the median estimate by experts, 667.3 million USD.

Shares of International Consolidated Airlines Group SA (IAG) lost 19.600 points, or 4.84%, to reach 385.000 GBP. The third biggest airline in Europe reported an operating loss of 150 million EUR (208 million USD) before one-time items during the first quarter of the year. Expectations pointed to a quarterly loss of 168 million EUR.

Shares of Shire PLC (SHP), which markets, licenses and develops prescription medicines, fell 2.68% to reach 3,309.000 GBP, while AstraZeneca PLC (AZN) lost 2.39% to 4,600.500 GBP. Maryland Governor Martin O’Malley and Delaware Governor Jack Markell expressed concerns that Pfizer Inc.’s potential purchase of AstraZeneca will cause job losses in their states.

Shares of Marks & Spencer Group PLC (MKS), the largest retailer of clothing in the United Kingdom, climbed 2.0%, or 9.000 points, to reach 458.400 GBP yesterday, following another 2.9% gain on Thursday.

Pearson PLC (PSON), which operates in the education, business information and consumer publishing markets, rose 1.70%, or 19.000 points, to reach 1,137.000 GBP, while shares of TUI Travel PLC (TT), operating as a leisure travel group in Europe and North America, gained 1.51%, or 6.600 points, to close at 444.500 GBP on Friday.