FTSE 100 Dips as Tensions Rise, Energy Stocks Shine
The FTSE 100 ended its winning streak as U.S.-Iran tensions heightened. Telecom giant BT led losses due to potential governmental opposition, while energy and defense stocks gained. PPHE Hotel Group soared on takeover news, while chipmaker IQE fell on profit decline. BP's leadership sees turbulence.
On Thursday, the FTSE 100 broke its seven-day winning streak, declining amidst renewed U.S.-Iran tensions that complicated developments in the strategically crucial Strait of Hormuz.
The index dropped by 0.8% to 10,418.33 points, with BT plummeting 4.7% following reports that the British government might block increased stakes by Indian billionaire Sunil Bharti Mittal. Meanwhile, energy and defense stocks emerged as strong performers amid escalating air strikes between the U.S. and Iran.
In company-specific news, shares of PPHE Hotel Group surged 23% after announcing a £920.9 million takeover offer from Fattal Hotel Group, while chipmaker IQE saw its stocks fall by 3.3% due to declining profits. Former BP Chairman Albert Manifold, although denying misconduct, admitted his aggressive approach days following his dismissal.
(With inputs from agencies.)
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