LONDON: London's top share index closed 0.3% weaker on Friday, as declines among miners, weighed down by comments from the Chinese central bank's financial stability report, and oils offset retailers' gains.

The FTSE 100 fell 11.56 points to 4,241.01, retracing earlier gains despite US consumer spending in May rising for the first time since February as government stimulus measures boosted income.

The index has gained 22.5% since touching a six-year low in March, but is still down 4.4% for the year.

"It's another case of any strength being very short-lived at the moment, which kind of indicates that there is still a good degree of underlying weakness in the market," said Angus Campbell, head of sales at Capital Spreads.

"The market has got a serious summer feeling about it, the volumes have dried up a bit, and we seem to be going sideways, but with the emphasis on the downside," he said.

Volumes on the FTSE 100 were about 80% of its 90-day daily average.

UK mining stocks were big fallers, hurt by comments from the People's Bank of China that the financial crisis might slow China's drive to expand consumption.

Rio Tinto fell 1%, with BHP Billiton off 0.7%, Vedanta Resources down 0.7%, and Anglo American, 1.5% weaker.

Oil stocks were also big fallers, reversing gains made earlier in the session, as crude slipped below $70 a barrel.

BP, Royal Dutch Shell, Cairn Energy and Tullow Oil fell 0.3-0.8%.

Banks were mixed, with Barclays and Standard Chartered (STAN.L) down 0.6% and 0.7%, respectively, dented by comments from Swiss lender UBS that it expected to post a second-quarter net loss and would raise more capital.

Weakness was also seen among life insurers. Friends Provident fell 0.8%, while Standard Life and Prudential both shed 1.7%.

In Friday's thin, skittish trade, a 0.8% decline in mobile operator Vodafone also proved a drag on the index.

High street cheer

Retailers enjoyed a rally as John Lewis, seen as a barometer of British retail spending, said its 27 UK department stores recorded their best week of the first half so far, partly helped by significant purchases for Father's Day.

Marks & Spencer was among the top blue-chip risers, up 3.7%, while Next added 1%.

Elsewhere, British Airways advanced 2.1% after it said nearly 7,000 staff had agreed to voluntary pay cuts in a bid to save the airline costs as it battles a downturn in travel.