LONDON: UK’s main stock indexes recorded weekly losses as investors assessed tentative signs of renewed US-Iran peace talks, while a Bank of England warning that global stocks could face pressure also weighed on sentiment.
The blue-chip FTSE 100 index ended 0.8 percent lower to 10,379.08 points. The benchmark index recorded its first weekly drop in five, erasing all gains since the US-Iran ceasefire announcement earlier this month. The midcap FTSE 250 slipped 0.8 percent.
Iran’s foreign minister was due in Islamabad on Friday to discuss possible steps to restart US-Iran talks, Pakistani government sources said to Reuters.
Investors remained on edge as crude oil prices stayed above USD100 a barrel, with uncertainty lingering over Strait of Hormuz.
The Bank of England’s Deputy Governor Sarah Breeden told the BBC on Friday that stock markets around the world are expected to fall as current share prices do not fully reflect the many risks facing the global economy.
Higher oil prices pressured airlines’ shares, with Wizz Air dipping 3.3 percent.
Heavyweight banks Barclays and HSBC fell 0.9 percent and 1.3 percent respectively.
Pharma giant AstraZe neca slipped 3.7 percent, and peer GSK dropped 2.7 percent, sending the pharma sector 3 percent lower.
British retail sales rose by 0.7 percent in March, data showed on Friday. Major retailers Tesco and Sainsbury warned this week that persistent Mideast tensions are likely to cloud their earnings outlook.
Retailers stocks rose 0.1 percent, among the few gainers on the benchmark.
Tech shares gained 1 percent, with Computacenter surging 14.5 percent after the technology and services provider said it would beat annual profit forecasts.
Mondi plunged 11.1 percent, landing at the bottom of the FTSE 100 after the packaging company flagged rising costs due to the Iran war.
Comments
Comments are closed for this article.