Miners, banks drag London stock lower at open

London stocks fell at the open on Friday, dragged lower by losses in precious metal miners on weaker gold prices, while banks also extended declines.

By 0814 GMT, the blue-chip FTSE 100 fell 0.9%, extending losses after a near 1% drop on Thursday. Precious metal miners shed 0.9% in early trade, as gold prices slipped due to a strengthening dollar.

British banks lost 1.8%, falling for a third straight session. Lender Barclays fell 2.8% after HSBC reduced its price target on the stock. The more domestically focussed FTSE 250 midcap index fell 0.8%, with UK-listed shares of TUI AG down 9.4% after announcing a capital increase.

Smiths Group rose 1.2% as the industrial technology company upgraded its annual forecast after first-half profit climbed 27%. Meanwhile, data showed British retail sales unexpectedly rebounded by 1.2% in February versus expectations of a rise of 0.2%.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)