LONDON: UK’s FTSE 100 edged lower on Friday, logging a sharp weekly decline, dragged down by energy and financial shares, even as investor expectations for a US Federal Reserve rate cut next week grew after key US inflation data.
The blue-chip FTSE 100 closed 0.5 percent lower, while the midcap FTSE 250 was little changed with both ending the week in the red.
Oil & gas stocks led the sell-off, tracking oil prices. Shell was down 1.4 percent, while fell 2.6 percent. Bank of America Global Research cut the latter’s rating to “underperform” from “neutral”.
Heavyweight banks dropped 1.2 percent, with Standard Chartered, Barclays and HSBC falling over 1 percent each.
Aerospace and defence shares fell, with BAE Systems and Rolls-Royce marginally down.
On the flip side, Personal goods shares were among top gainers, with Watches of Switzerland rising 2.6 percent after three brokerages raised their price targets. Burberry added 1.4 percent.
Chemicals shares gained 1 percent.
Comments
Comments are closed for this article.