London stocks fall, but set to end holiday-shortened week with gains
London stocks fell on Thursday, with the FTSE 100 down 0.7% and the FTSE 250 down 0.4%, but both indices were set to end the holiday-shortened week with gains of 3.1% and 3.6%, respectively. Key losses included the automobiles and parts index, down 3.2%, and defense stocks like Rolls Royce and BAE Systems. Sainsbury’s shares rose 2.6% despite flat profit growth expectations, while Man Group fell 3% due to a significant drop in assets. Deliveroo's shares increased by 3.7% after reporting a rise in orders.
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Man Group down as assets fall nearly $6 billion
Sainsbury’s expect flat profit growth; shares up
FTSE 100 down 0.7%, FTSE 250 down 0.4%
April 17 (Reuters) - Britain’s benchmark index fell on Thursday, but was on track for a strong weekly gain on the last day of a holiday-truncated week primarily due to potential tariff exemptions by U.S. President Donald Trump.
The FTSE 100 index (.FTSE) was down 0.7% and the mid-cap FTSE 250 index (.FTMC) lost 0.4%, as of 10:40 GMT on Thursday; for the week, they were up 3.1% and 3.6%, respectively.
Investors were set for a long weekend, with UK markets closed on the following day for Good Friday and on Monday for Easter.
Leading the losses on Thursday, the automobiles and parts index (.FTNMX401010) dropped 3.2%.
Defence stocks Rolls Royce (RR.L) and BAE Systems (BAES.L) slipped 2.8% and 2.6%, respectively, weighing significantly on the benchmark index.
Precious metals and mining index (.FTNMX551030) slipped 1% after eight straight sessions of gains. For the week, the sub-index outperformed its peers, climbing 7.6%, benefiting from higher gold prices on safe-haven demand.
British stocks gained momentum earlier this week after the U.S. indicated potential exemptions on auto-related levies on Mexico, Canada and other places.
Elsewhere, the European Central Bank’s interest rate decision at 1215 GMT is on the radar. Traders see a quarter-point cut by the central bank to cushion the struggling European Union economy against U.S. tariffs.
Among individual stocks, Sainsbury’s (SBRY.L) ticked up 2.6% after Britain’s second-largest food retailer forecast flat profit this year as it pledged to sustain its competitive edge if a price war emerges.
Man Group (EMG.L) fell 3% after the hedge fund said its assets under management fell by about $5.6 billion in the two weeks to April 14.
British meal delivery company Deliveroo (ROO.L) rose 3.7% after its orders in the first quarter jumped 7%, beating the 6% recorded in the final quarter of 2024.
