London stocks mark weekly fall as oil hits five-month high ahead of budget

Safran SA

Today 17:44

Updates after markets close
Oct 23 (Reuters) - Britain's FTSE 100 snapped a two-week winning streak on Friday, as oil prices at over five-month highs weighed on risk appetite, ahead of finance minister John Healey's first budget next week.
The blue-chip FTSE 100 index .FTSE closed 0.3% lower at 10,690.36 points. The midcap FTSE 250 .FTMC ended 0.1% higher, but marked its sharpest weekly fall in six weeks. 
Energy shares .FTNMX601010 advanced 3.9% as Brent crude LCOc1 crossed $115 a barrel O/R
Most sectors were lower, with aerospace and defence shares .FTNMX502010 slipping 4.6% to an over five-month low 
Rolls-Royce RR.L slid 7.6%, registering its biggest one-day fall since April 2025. French rival Safran SAF.PA lost 10% after warning that a slowdown in aftermarket sales growth could extend into 2027
Banks .FTNMX301010 and healthcare stocks .FTNMX201030 fell 0.8% and 1.1% respectively, further bogging down the index
Data this week showed price pressures exceeded expectations in September, strengthening the case for a Bank of England interest rate hike in November, which is fully priced in
Both the main indexes marked their first week of losses in three, as oil prices surged, bets on rate hikes grew and investors were jittery ahead of next week's budget 
Precious .FTNMX551030 and industrial .FTNMX551020 metal miners were among the worst performers this week, down 10.9% and 8.7% respectively
Gold miners lost 3.7% on Friday as well, as prices of bullion fell over 1% GOL/
British retail sales volumes fell more than expected in September, while consumer confidence slumped in October, posting its steepest monthly fall since the early stages of the pandemic, separate data showed

 (Reporting by Darshan Kumar and Purvi Agarwal in Bengaluru; Editing by Maju Samuel and Joyjeet Das)
 ((darshan.kumar@thomsonreuters.com))