FTSE 100 closes lower, dragged down by energy, banks

LONDON: Britain’s FTSE 100 closed lower on Friday, dragged down by energy and bank stocks, while investors assessed domestic and US economic data.

The blue-chip FTSE 100 was 0.1 percent lower on the day but ended the week marginally higher.

The domestically focused FTSE 250 closed 0.5 percent higher but logged its second straight weekly decline.

In the market, the homebuilders’ index rose, led by Berkeley, up 3 percent after reaffirming its profit forecast for fiscal years 2026 and 2027.

Peers Vistry, Persimmon, Taylor Wimpey and Barratt Redrow also advanced.

Precious metal miners and industrial miners rose, tracking higher gold and copper prices, respectively.

Conversely, energy stocks fell 2.4 percent and weighed on the FTSE 100, with giants Shell and BP down 2.2 percent and 2.6 percent, respectively.

Heavyweight bank stocks fell and top lenders HSBC, NatWest, Barclays, and Lloyds were among the biggest laggards on the benchmark index.

Non-life insurers fell, dragged by Admiral Group’s 2.9 percent decline, top loser on FTSE 100, after Peel Hunt downgraded the stock to “sell” from “reduce”.

In other moves, Entain rose 3.3 percent, to top the FTSE 100, after Jefferies raised price target on the betting company.Ashmore fell 4.3 percent after the asset manager reported lower-than-expected fee revenue and a dip in profit in its annual results.

Concerns over Britain’s finances and the government’s ability to keep them under control weighed on the markets earlier this week, briefly sending yields on long-dated government bonds to a 27-year high.

Investors continue to speculate about tax rises that could dampen economic growth, with Britain set to deliver its budget on November 26.