London’s blue-chip stock index slipped on Friday and was on track for weekly losses, as investors assessed a mixed bag of corporate earnings ahead of the highly awaited first budget from the country’s new Governmentt next week.
The FTSE 100 was 0.1% down as of 0930 GMT, while the domestically focused mid-cap FTSE 250 edged up 0.1%, with both the indexes poised for weekly declines.
Medical equipments was the worst-hit sector on the day, down 2%, and even for the week.
Airtel Africa slumped 6% to its lowest level since early September, after the telecommunications services provider reported a double-digit fall in half-yearly operating profit.
On the flip side, NatWest jumped 4% to its highest levels since 2011 after raising its income forecast for 2024, boosting the banks index.
FTSE 100 dips but logs weekly gain on rate cut bets
With the budget scheduled for Oct. 30, UK’s finance minister Rachel Reeves faces a tough task to raise the tax revenues needed to invest more in public services and new infrastructure. Further, a fresh report showed Reeves was also seeking to change fiscal rules.
A survey showed British consumer confidence fell to the lowest level since March amid concerns about possible tax hikes.
Among other movers, Intertek Group lost nearly 3% after HSBC initiated coverage on the British product testing firm’s stock with a “reduce” rating.
Abrdn shares fell for the second day, down nearly 3% on Friday, after deeper-than-expected outflows of client funds in the third quarter.
American Dollar Exchange Rate