Rollercoaster Ride for London Stocks Amidst Corporate Disclosures and Tech Fluctuations
London stocks experienced a third day of losses as utilities and technology shares pulled down indices. The FTSE 100 fell due to pressure on utility stocks from financial watchdog investigations and technology sector setbacks following Nvidia's results. Mining stocks partially offset declines, with Anglo American and Rio Tinto gaining.
London equities closed lower on Thursday, marking the third consecutive session of declines, as utility and technology shares dragged the main indexes. Investors closely analyzed results from chip giant Nvidia, impacting the market landscape.
The FTSE 100 dropped 0.4%, while the home-focused midcap index slipped 0.3%. The FTSE 100 had recently reached a record high, buoyed by remarks from U.S. Federal Reserve Chair Jerome Powell hinting at a potential interest rate cut.
Drax Group saw a significant fall of 7.5% after the UK's financial watchdog announced an investigation into the energy firm's biomass disclosures. The technology sector also faltered, influenced by Nvidia's results. Precious metal mining stocks experienced dips, while industrial miners offered a cushion. Meanwhile, the Confederation of British Industry highlighted a dip in business confidence within the service sector.
(With inputs from agencies.)
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