(Bloomberg) -- U.K. stocks fell the most among major western-European markets, dropping for a fifth day amid a rebound in the pound.
The FTSE 100 Index lost 1.1 percent at 9:40 a.m. in London, taking its slide for the week to 4 percent. The gauge, which rallied as much as 14 percent this year and reached a record in October, is heading for its worst weekly decline since January as the nation’s currency strengthened against all of its major peers. The equity measure is heading for its lowest level since mid-September.
On Friday, IAG SA dropped 3.3 percent, slipping from its highest price since June, as the British Airways owner cut its long-term earnings forecast. Hikma Pharmaceuticals Plc slumped 6.3 percent, while Shire Plc fell 3.1 percent amid a generic drugs price probe in the U.S. Paddy Power Betfair Plc climbed 3.3 percent after raising its annual profit forecast.
The FTSE 250 Index of mid-cap shares and another gauge tracking smaller companies also declined, both heading for three-month lows.