Posted By Jessica Weisman-Pitts
Posted on October 25, 2024
By Ankika Biswas
(Reuters) – 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 government 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.
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.
(Reporting by Ankika Biswas in Bengaluru; Editing by)
