The FTSE 100 declined after Rachel Reeves addressed the Commons in an effort to stabilize Britain’s financial markets.
The UK’s blue-chip index finished down 0.3% at 8,201.54, despite gains from housebuilders such as Persimmon, which surged 5.5% after projecting its 2024 earnings to reach the higher end of analyst estimates.
However, BP fell 2.5% as the energy giant cautioned that reduced production, weaker refining margins, and slow trading are expected to lower its fourth-quarter 2024 profits compared to the previous three months, limiting the FTSE 100’s overall gains.
JD Sports Fashion also dropped 6.6% after the retailer lowered its profit forecast due to softer sales in the UK and the US, describing its outlook as “cautious.”
On the other hand, the midcap FTSE 250 increased by 0.2% to 19,766.27 as British government bond yields slightly eased, although the 10-year gilt yield remained near its highest level since 2008.
Additionally, Ocado Group soared 9.5% after Ocado Retail, a partnership between Ocado and Marks & Spencer, announced accelerated sales growth in its fourth quarter.
