Britain's FTSE 100 fell on Thursday as banks and miners dragged on the index. Barclays slid after missing profit estimates and announcing job cuts, while oil prices rose to their highest since May.
The FTSE 100 ended down 0.5% at 10,699.33 points, briefly touching a one-week low during the session. Investors weighed more corporate results against elevated oil prices and persistent inflation concerns.
The midcap FTSE 250 slipped 0.9%, its steepest one-day slide since October 1.
Banks and miners weigh on the index
Banks were the biggest drag, with the index hitting its lowest since June. Barclays fell 2.3% after it missed estimates for third-quarter profit and announced plans to cut about 5,000 jobs.
Miners also weighed on the market. The FTSE 350 precious metal miners index was down 5.2% as spot gold fell 2.2%. Anglo American dropped 5.5%, Antofagasta lost 6.5% and Rio Tinto slid 3.4%. Industrial metal miners dropped nearly 4% each as copper prices slipped.
Oil climbs as defensive stocks cushion the fall
Oil prices jumped to their highest levels since May, with Brent crude futures trading at over $111 a barrel. Energy stocks were the biggest gainers. Elevated oil prices have been fanning inflation concerns, forcing major central banks to raise interest rates.
Some defensive heavyweights helped limit the benchmark's decline. AstraZeneca rose 2.5%, GSK gained 2.6% and Unilever added 3.1%.
Rentokil tops the FTSE 100 on earnings
Pest control firm Rentokil Initial topped the FTSE 100 with an 8.6% rise after reporting higher third-quarter organic revenue growth and a $200 million buyback plan. London Stock Exchange Group gained 4.3% after raising its 2026 revenue outlook and agreeing to acquire financial data firm Octus for about $3.54 billion.
Others fell. Sainsbury's shares lost 2.1% after second-quarter sales growth slowed at Britain's second-largest supermarket group. IHG slipped 2.7% as rising interest rates and the impact of the Iran conflict overshadowed its quarterly room revenue beat.
Source: Reuters via Investing.com
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