London's FTSE 100 Dips as Stronger Pound Weighs

FTSE 100 Declines Amid Stronger Pound and Pharma Losses

(Reuters) -British stocks ended mixed on Friday, dragged down by the pharma sector and a stronger sterling hurting the export-oriented index, while encouraging earnings from XP Pensions provided a lift to the midcap index.

The export-heavy FTSE 100 dropped 0.4%, after achieving record highs for three consecutive sessions earlier this week. However, the index gained 0.7% in the week, clocking its third straight weekly increase

The Pharma sector lost 1.8%, the biggest sectoral loser, after U.S. peer Moderna reported a bigger-than-expected quarterly loss.

The pound rose to its strongest level against the dollar this year, after UK GDP data earlier this week improved the mood around the strength of the British economy, while the dollar weakened on some relief over U.S. tariff threats.

British bank NatWest lost 2.04%, after giving a lackluster guidance, adding to the losses in the benchmark index.

The yield on the UK 10-year benchmark gilt saw a slight uptick, also adding downward pressure. [GB/]

Keeping losses at check, British bookmaker Entain rose 6.8%, after U.S. peer Draftkings raised its 2025 revenue forecast.

Segro gained 1.3%, after the warehousing group reported a 15% jump in profit in 2024.

The FTSE 250 ended flat. XP Pensions, jumped 12.4%, their highest since October 16, after an upbeat revenue forecast. The index was set to gain 0.8% this week.

On the flip side, John Wood Group plummeted 55.6%, after the British engineering firm said its free cash flow would be negative this year, instead of positive as previously expected.

Among sectoral performers, industrial metals & mining gained 0.8%, as copper prices climbed to three-month highs. [MET/L]

Glencore gained 2.2%, after the miner held preliminary discussions about selling its multi-billion dollar copper and cobalt mines in the Democratic Republic of Congo, the Financial Times reported.

(Reporting by Sanchayaita Roy and Pranav Kashyap in Bangalore; Editing by Vijay Kishore and Timothy Heritage)