After the close of the markets, the major British stock indices recorded weekly losses as investors assessed signs of a possible resumption of peace talks between the United States and Iran. Additionally, the Bank of England’s warning about potential pressures on global stock markets also weighed on investor sentiment.
The FTSE 100 index fell by 0.8% to 10,379.08 points, marking its first weekly decline in five weeks. The index erased all gains made since the announcement of the ceasefire between the United States and Iran at the beginning of the month. The FTSE 250 mid-cap index also declined by 0.8%.
* The Iranian Foreign Minister was expected to visit Islamabad on Friday to discuss possible measures to revive talks between the United States and Iran, according to Pakistani government sources.
* Investors remained cautious as crude oil prices held above $100 per barrel, amidst ongoing uncertainty surrounding the Strait of Hormuz.
* Bank of England Deputy Governor Sarah Breeden stated on BBC that global stock markets are likely to decline as current stock prices do not fully reflect the numerous risks facing the global economy.
* Shares of airline companies were affected by the rise in oil prices, with Wizz Air falling by 3.3%.
* Major banks Barclays and HSBC declined by 0.9% and 1.3% respectively.
* Pharmaceutical giants AstraZeneca and GSK dropped by 3.7% and 2.7% respectively, leading the pharmaceutical sector to decline by 3%.
* Retail sales in the UK increased by 0.7% in March, according to Friday’s data. Retailers Tesco and Sainsbury warned this week that ongoing tensions in the Middle East could dampen their profit outlook.
* Retailer stocks saw a 0.1% increase, standing out as one of the few gainers in the benchmark index.
* Technology stocks rose by 1%, with Computacenter surging by 14.5% after the company announced that it would exceed its annual profit forecasts.
* Packaging company Mondi plunged by 11.1%, ranking at the bottom of the FTSE 100 after reporting increased costs due to the conflict in Iran.
