16.10.202607:54:08UTC+00FTSE 100 Edges Down, Set for 2nd Week of Gains

The FTSE 100 edged lower on Friday, underperforming its European peers as it failed to fully join a technology-led rebound sparked by supportive comments from Federal Reserve Chair Kevin Warsh. Pharmaceutical stocks weighed on the index, with AstraZeneca down 1.4% and GSK off 1%. Mining shares also came under pressure, as Rio Tinto slipped more than 1%.

Banks were among the heaviest drags: Barclays fell 0.6%, Lloyds Banking Group dropped 2.5% and NatWest declined 2%. Ithaca Energy lost more than 2% after announcing that chief executive Luciano Vasques intends to retire by the end of March 2027.

Some of the weakness was offset by strength in defence and consumer names. Rolls-Royce gained 0.6%, BAE Systems added 0.9% and British American Tobacco rose 0.7%. Despite Friday’s lacklustre session, the FTSE 100 remained on course for a weekly rise of about 2.5%, building on last week’s 0.9% gain.