Britain’s FTSE 100 was flat on Friday, despite momentarily scaling to an all-time intraday high, as defence stocks weighed ahead of crucial U.S-Russia talks regarding a potential resolution to the conflict in Ukraine.
The blue-chip index was steady as of 1000 GMT, yet appears poised to end the week with gains.
The week’s advances were fueled by growing optimism surrounding potential US interest rate cuts, better-than-expected UK Gross Domestic Product data and a series of largely positive corporate earnings reports.
The aerospace and defence sector emerged as Friday’s underperformer, declining 1.8%, ahead of the scheduled high-stakes meeting between US President Donald Trump and Russian President Vladimir Putin in Alaska later in the day.
Investors will be watching the summit closely for any signs of a credible peace deal, with any substantive outcomes likely setting the market tone for the coming week.
Energy sector, up 0.2%, was also in focus as a potential ceasefire could result in the easing of sanctions on Russian oil exports, potentially placing downward pressure on global crude prices.
Supporting the gains on London’s benchmark, industrial metal miners strengthened 2%, as weak economic data from key commodities consumer China fueled hopes that it would spur Beijing to unleash more stimulus measures.
The midcap index gained 0.3% in the day, though it remains on track to close the week with losses.
Bytes Technology was the top performer on the index, rising 7.4% as the IT firm announced a 25 million pounds ($33.89 million) share repurchase program. Reuters
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