The FTSE 100 extended its losing streak to a fifth consecutive session on Friday, falling 22.56 points, or 0.2%, to close at 10,750.11, as weakness among miners and pharmaceutical heavyweights outweighed gains elsewhere in the market.
The blue-chip index ended the week 1.4% lower, while the FTSE 250 gained 0.1% over the week and the AIM All-Share advanced 0.3%.
Antofagasta fell another 4.6%, extending Thursday’s decline following its cut to full-year copper production guidance. Glencore dropped 2.1%, while pharmaceutical heavyweights AstraZeneca and GSK both lost 2.1%, adding significant pressure to the index.
Aviva provided some support, rising 1.8% after reporting first-half operating profit of £1.33 billion, ahead of the £1.25 billion Visible Alpha consensus. Entain gained 2.1% as investors continued to digest Thursday’s stronger-than-expected revenue figures.
On the FTSE 250, recruiters Michael Page and Hays jumped 5.5% and 5.3% respectively, with Michael Page benefiting from a UBS upgrade to ‘buy’.
At the other end of the mid-cap index, GB Group plunged 31% after cutting its full-year revenue growth forecast to between 1% and 3%, citing difficult conditions in its Americas Identity operation.
On AIM, defence technology group Cohort rose 6.1% after securing a €140.7 million contract from Saab to provide integrated sonar systems for Poland’s Orka submarine programme.
US economic data added to expectations that the Federal Reserve could leave interest rates unchanged in September. July retail sales unexpectedly declined 0.6% month-on-month, compared with expectations for 0.1% growth. Markets subsequently put the probability of a September rate hold at 69%.
Sterling strengthened to $1.3550, while Brent crude traded around $87.94 a barrel and gold advanced to approximately $4,388 an ounce.
The FTSE 100’s five-session decline leaves investors assessing whether the weakness represents profit-taking following the summer rally or the beginning of a more sustained pullback, with energy prices, US monetary policy and geopolitical developments likely to remain key drivers.
