The FTSE 100 Index Opens 0.10% Lower

The FTSE 100 traded slightly lower on Friday, lagging other European markets as concerns over potential tax increases weighed on UK banking shares. Reports that Chancellor John Healey plans to raise taxes on banks in his upcoming budget put pressure on the sector, with Lloyds falling 2.5%, NatWest dropping 2% and Barclays losing 0.6%. Lloyds also faced pressure after RBC Capital Markets downgraded its rating to sector-perform from outperform. Ithaca Energy declined more than 2% after CEO Luciano Vasques announced plans to retire by the end of March 2027, prompting the board to begin its search for a successor. Pharmaceutical stocks weakened, with AstraZeneca down 1.4% and GSK losing 1%, while Rio Tinto fell more than 1%. Defence stocks offered some support, as BAE Systems rose 0.9% and Rolls-Royce gained 0.6%. Also, British American Tobacco added 0.7%. Despite Friday’s weakness, the FTSE 100 remained on track for a weekly gain of around 2.5%, following last week’s 0.9% rise.

The FTSE 100 Index is falling 11 points. Losses were driven by Natwest (-2.02%), Antofagasta (-1.96%) and Lloyds Banking (-1.94%). Biggest rises came from Babcock International (1.38%), Spirax-Sarco Engineering (1.23%) and Melrose (1.21%).

The FTSE 100 Index gained 110 points or 1.03 percent on Thursday to close at 10835 points. Gains were led by Experian (5.14%), The Sage Group (4.85%) and BT (4.21%).