UK's FTSE 100 slips as losses in energy stocks and AstraZeneca weigh
London's FTSE 100 index experienced a slight decline, closing down 0.1% at 10,363.93 points. The dip was primarily influenced by losses in major energy stocks such as Shell and BP, alongside a downturn in pharmaceutical giant AstraZeneca. The trading environment was further subdued due to a thin market ahead of a public holiday in the UK, which contributed to lower trading volumes across London exchanges. AstraZeneca's shares fell by 3.1% after an advisory panel from the U.S. Food and Drug Administration voted against recommending a key experimental breast cancer treatment. This decision is particularly concerning for the company, as it has been a significant part of its long-term growth strategy. Meanwhile, NatWest reported a 12% increase in first-quarter profits, but its stock dropped by 3.4% due to non-interest income falling short of analysts' expectations. Despite the overall negative sentiment, there were some bright spots in the market. Companies like Pearson and Unilever saw gains, with Pearson's shares rising 3.1% thanks to increased demand for its virtual learning products. Unilever also performed well, climbing 2.6% to reach a one-month high. Rolls-Royce added 1.5% to its value, buoyed by a reaffirmation of its profit outlook, while spirits maker Diageo ended the day 0.7% higher, benefiting from U.S. President Donald Trump's announcement to remove tariffs on UK-made whisky. Overall, the FTSE 100 has now recorded three consecutive weeks of losses, reflecting a challenging environment for investors amid mixed corporate earnings. As many European markets were closed on Friday, trading volumes remained significantly below the 20-day moving average, indicating a cautious approach from investors as they navigate the current economic landscape.
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