Pharma Sector Drags British Stocks as Sterling Strengthens

British stocks had a mixed finish on Friday due to a stronger sterling and losses in the pharma sector. While the FTSE 100 fell, the midcap index rose. Highlights included a drop in the pharma sector, gains in Entain and Segro, and a significant fall for John Wood Group.

On Friday, British stocks ended the trading session mixed with the pharma sector and a strengthening sterling impacting the export-heavy index. Meanwhile, positive earnings from XP Pensions buoyed the midcap index.

The FTSE 100, a major stock index, fell by 0.4% despite recently hitting record highs, marking its third consecutive weekly gain at 0.7%. The pharma sector saw a significant drop of 1.8% following Moderna's unexpected quarterly loss.

The pound advanced to this year's peak against the dollar, supported by optimistic UK GDP data, while the dollar faded amid relaxed U.S. tariff concerns. Notably, British bookmaker Entain saw a substantial 6.8% rise and Segro reported a 1.3% gain. However, the FTSE 250 remained stable, closing flat with XP Pensions soaring 12.4% after a positive revenue projection.