FTSE 100 Steadies Amid Sectoral Swings; Frasers Faces Setback

The FTSE 100 saw minimal movement, with gains in personal goods offset by losses in real estate. Frasers hit a two-year low after cutting profit forecasts citing tax pressures. The energy sector also dipped. Meanwhile, France faces political turmoil after PM Barnier’s resignation.

The FTSE 100 index showed little movement on Thursday, as gains in the personal goods sector were counterbalanced by real estate losses.

Shares of Frasers tumbled over 10%, marking a two-year low, after the company lowered its annual profit forecast due to rising taxes impacting consumer confidence. Concerns are growing over the government's budget decisions, including tax hikes, which businesses fear may stifle economic growth.

The energy sector was also hit, declining 1.4%, with Shell announcing a merger with Equinor for their North Sea operations. Construction and materials sectors faced declines as well, amid reports of slowing residential house-building activity. In international news, French PM Michel Barnier resigned, heightening political tensions in the eurozone.

(With inputs from agencies.)