London's FTSE nudges lower for week after record run
FILE PHOTO: The outside of the London Stock Exchange building is seen in the City of London, March 7, 2005. REUTERS/Toby Melville/File Photo
By Shubham Batra and Purvi Agarwal
(Reuters) -London's FTSE 100 ended the day and the week slightly lower on Friday, pausing after a run of record highs and ahead of a reading of UK inflation next week that will set near-term expectations for the timing of a first interest rate cut.
The blue-chip FTSE eased 0.2% on the day and was down 0.1% for the week, just snapping three weeks of gains. The midcap FTSE 250 index fell 0.4%.
The personal goods sector led Friday's decline, falling 2.3%, followed by automobile parts, which slipped 1.7%.
A 2.4% gain in precious metal miners, tracking higher gold prices and a surge in silver, partly offset the losses. [GOL/]
For the week, the industrial support services sector outperformed, finishing 3.3% higher, while the energy sector sector lagged with a 4.1% drop.
"It's more just pausing for breath after quite a spectacular rally across last week and this week," said Fiona Cincotta, senior market analyst at City Index.
"We're seeing consolidation as investors wait for the UK inflation data next week."
UK consumer price inflation data is expected on Wednesday and will be parsed for clues on the timing of a first Bank of England interest rate cut.
Traders are currently pricing in a 52.6% chance of a 25 basis point cut in June.
Consumer healthcare firm Haleon fell 1.0% after drugmaker GSK sold its entire remaining stake in the company, raising 1.25 billion pounds ($1.52 billion).
Auto Trader Group was down 3.3% after Morgan Stanley cut its rating and target price on the stock.
Land Securities Group fell 2.6% despite the commercial property firm posting a smaller annual loss, with elevated interest rates continuing to weigh on the valuation of its buildings.
(Reporting by Shubham Batra and Purvi Agarwal in Bengaluru; Editing by Nivedita Bhattacharjee and Varun H K, Kirsten Donovan)