FTSE 100 Edges Lower As Retail Sales Rise Less Than Expected
2024-12-18
1246
(fxcue news) - U.K. stocks drifted lower on Friday after data showed British retail sales rose by a weaker-than-expected 0.2 percent in November as consumers hold back spending in the final months of the year.
Analysts had expected 0.5 percent growth after a 0.7 percent fall in October. On a yearly basis, retail sales growth weakened to 0.5 percent from 2.0 percent in October.
Separate set of data revealed U.K. budget deficit narrowed notably in November as the interest payable on government debt decreased, while tax receipts increased from a year ago.
Public sector net borrowing decreased GBP 3.4 billion to GBP 11.2 billion in November. This was the lowest November borrowing since 2021.
The benchmark FTSE 100 dropped 61 points, or 0.8 percent, to 8,044 after losing 1.1 percent on Thursday.
Miners led losses, with Anglo American, Antofagasta and Glencore all falling around 1 percent.
GSK edged down slightly despite reporting positive headline results from the FIRST-ENGOT-OV44 phase III trial evaluating Zejula and Jemperli in first line advanced ovarian cancer.
ITM Power jumped 4.1 percent. The energy storage and clean fuel company has secured a contract for a green hydrogen project in the EU.
Synairgen shares plummeted 37 percent. The biopharmaceutical company has announced plans to raise up to £25 million to fund the phase 2 trials of its antiviral treatment.
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