AstraZeneca drags down UK's FTSE 100

UK's FTSE 100 index fell on Friday, dragged lower by drugmaker AstraZeneca following its profit miss, while commodity-linked stocks slipped as a stronger dollar dented metal and oil prices.

UK's FTSE 100 index fell on Friday, dragged lower by drugmaker AstraZeneca following its profit miss, while commodity-linked stocks slipped as a stronger dollar dented metal and oil prices. The blue-chip FTSE 100 index declined 0.3% at 0819 GMT, led by AstraZeneca after the COVID-19 vaccine maker pledged to not profit off the shot knocking of some earnings and reporting a smaller-than-expected profit.

A drop of 0.4% in shares of miners and 0.9% in energy stocks also weighed on the commodity-heavy FTSE 100 index, as the dollar strengthened against major peers on bets of an earlier-than-expected interest rate. According to the latest Chambers of Commerce survey, 80% of businesses suffer from price increases in the UK, adding to fears of inflation in the market, Bloomberg News reported.

The domestically focussed mid-cap index fell 0.1%, with industrial and machinery stocks among the worst performers. The online trading platform IG Group slipped 0.1% after the completion of a comprehensive refinancing of its debt, providing it with the additional financial flexibility to grow.

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