Stronger pound, industrials drag FTSE 100 lower ahead of April PMI data

London's FTSE 100 slipped on Friday as industrial stocks fell and a stronger pound weighed on export-oriented companies, while investors awaited a flash reading on business survey data for April later in the day.

London's FTSE 100 slipped on Friday as industrial stocks fell and a stronger pound weighed on export-oriented companies, while investors awaited a flash reading on business survey data for April later in the day. The exporter-heavy index declined 0.4%, with large dollar-earning consumer staples companies Unilever, Diageo, and British American Tobacco slipping between 0.3% and 0.9% as the pound strengthened.

Heavyweight oil majors BP Plc and Royal Dutch Shell also fell and were among the biggest drags to the index. The domestically focussed mid-cap FTSE 250 index slipped 0.3% even as official data showed British retail sales soared past expectations to jump by 5.4% in March from February before the lockdown eased.

A survey showed that consumer sentiment touched a 13-month high this month as the economy reopened partially. Transport operator FirstGroup's shares gained 13.1% after the company agreed to sell two North American bus businesses to EQT Infrastructure for $4.6 billion, including debt.