The benchmark FTSE 100 was down 0.1% at 9,500 as of 1045, yet it was poised for a third consecutive week of gains. The mid-cap index was heading toward a weekly loss, down 0.2% on Friday. Britain’s benchmark index experienced a decline for the second consecutive session on Friday, as the losses in major mining and industrial sectors overshadowed the gains observed in consumer stocks. Industrial stocks exerted the most significant downward pressure on the market, primarily driven by the aerospace and defense sector.

The decline registered was 2.2%. Rolls-Royce fell 2.1%, representing the largest drag on the FTSE 100, while BAE Systems and Melrose experienced declines of 2.3% and 2.4% respectively. Resource-linked sectors also took a hit, with precious-metal miners down 2.9% and energy stocks down 0.9% respectively, tracking a dip in gold and oil prices. Endeavour Mining and Fresnillo were among the worst performers on the FTSE 100, as investors booked some profits after the recent rally.

Russ Mould noted that investors frequently crystallized gains; however, the pertinent question remains whether these funds will be allocated to new investment opportunities or withdrawn from the market in anticipation of bargain-hunting during a potential market correction. The benchmark index experienced significant pressure from the banking sector following HSBC’s announcement regarding the privatisation of a Hong Kong bank on Thursday, even as it reached record highs earlier in the week. The weekly performance of base metal miners and utilities may sustain the index in positive territory for the week, provided that current levels are maintained.

Ibstock opens new tab lost 5.7%, hitting its lowest level in over nine years, after the bricks and concrete maker warned that its annual profit would fall below expectations. The stock ranked as the poorest performer within the domestically focused FTSE 250, exerting downward pressure on the broader construction sector, which declined by 1.1%. Conversely, consumer staples stocks experienced gains, with beverage companies increasing by 1.5%, and personal care, drug, and grocery companies rising by 1%. Among others, Hays was the top gainer on the FTSE 250, up 5.1% following the recruitment firm’s first-quarter trading statement.