London's FTSE nudges lower for week after record run

Reuters

London's FTSE nudges lower for week after record run

17 May, 2024 a las 8:40 a. m. GMT

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Haleon falls after GSK offloads remaining stake

Landsec down despite smaller annual loss

FTSE 100 down 0.2%, FTSE 250 down 0.4%

Updated at 1604 GMT

By Shubham Batra and Purvi Agarwal

May 17 (Reuters) -London's FTSE 100 ended the day and the week slightly lower on Friday, pausing after a run of record highs and ahead of a reading of UK inflation next week that will set near-term expectations for the timing of a first interest rate cut.

The blue-chip FTSE .FTSE eased 0.2% on the day and was down 0.1% for the week, just snapping three weeks of gains. The midcap FTSE 250 index .FTMC fell 0.4%.

The personal goods sector .FTNMX402040 led Friday's decline, falling 2.3%, followed by automobile parts .FTNMX401010, which slipped 1.7%.

A 2.4% gain in precious metal miners .FTNMX551030, tracking higher gold XAU= prices and a surge in silver XAG=, partly offset the losses. GOL/

For the week, the industrial support services sector .FTNMX502050 outperformed, finishing 3.3% higher, while the energy sector .FTNMX601010 sector lagged with a 4.1% drop.

"It's more just pausing for breath after quite a spectacular rally across last week and this week," said Fiona Cincotta, senior market analyst at City Index.

"We're seeing consolidation as investors wait for the UK inflation data next week."

UK consumer price inflation data is expected on Wednesday and will be parsed for clues on the timing of a first Bank of England interest rate cut.

Traders are currently pricing in a 52.6% chance of a 25 basis point cut in June. 0#BOEWATCH

Consumer healthcare firm Haleon HLN.L fell 1.0% after drugmaker GSK GSK.L sold its entire remaining stake in the company, raising 1.25 billion pounds ($1.52 billion).

Auto Trader Group AUTOA.L was down 3.3% after Morgan Stanley cut its rating and target price on the stock.

Land Securities Group LAND.L fell 2.6% despite the commercial property firm posting a smaller annual loss, with elevated interest rates continuing to weigh on the valuation of its buildings.

Reporting by Shubham Batra and Purvi Agarwal in Bengaluru; Editing by Nivedita Bhattacharjee and Varun H K, Kirsten Donovan

 
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