The blue-chip FTSE 100 index fell 0.8% to 10,418.33 points by 1013 GMT while the midcap FTSE 250 dipped 0.4% as it eased from a near three-month high
International News via Reuters:
Britain’s FTSE 100 slipped on Thursday following a seven-day winning streak, as renewed U.S.-Iran hostilities clouded prospects for reopening the Strait of Hormuz.
The blue-chip FTSE 100 index fell 0.8% to 10,418.33 points by 1013 GMT while the midcap FTSE 250 dipped 0.4% as it eased from a near three-month high.
• BT slumped about 4.7%, leading losses on the FTSE 100 after a report said the British government will oppose any attempt from Indian billionaire Sunil Bharti Mittal to increase his stake in the telecoms group.
• Energy and defence stocks were the only bright spots after Iran and the U.S. traded air strikes, highlighting the fragility of negotiations aimed at turning the tenuous ceasefire that took effect in early April.
• Hopes of an eventual reopening of the Strait, a vital gateway for global energy, along with easing bets of domestic interest rate hikes have buoyed the recent rally in UK stocks.
• In company news, PPHE Hotel Group soared 23% after the hospitality real estate firm said it has received a £920.9 million ($1.24 billion) takeover proposal from Israel’s Fattal Hotel Group.
• IQE dropped 3.3% after the chipmaker reported a drop in full-year adjusted core profit.
• Ousted BP Chair Albert Manifold acknowledged he may have “pushed hard” for change, but again denied any misconduct, days after he was dismissed from the role. BP shares were largely flat.
Reporting by Medha Singh in Bengaluru
