June 26 (Reuters) - London's FTSE indexes slipped on Friday, weighed by a drop in commodity stocks and as uncertainty around AI-related stocks plagued sentiment in global markets.
The blue-chip FTSE 100 index fell 0.7% by 0907 GMT, while the midcap FTSE 250 slipped 0.6%.
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Energy stocks weighed on the FTSE 100 index, with Shell and BP down over 1% each, tracking a 2% slide in crude prices as shipping through the Strait of Hormuz resumed.
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A stronger dollar in the face of global uncertainty over technology shares and inflation concerns dented prices of base and precious metals.
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Chemical stocks lost 2.8% to lead sectoral declines, while mining companies, lost over 1% each.
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On the flip side, sectors that are perceived to be more resilient to economic uncertainties traded higher. Food, Beverage and Tobacco and Personal Goods edged up 1% each.
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Money transfer company Wise was among the top gainers, up 7.6%, after saying that active customers rose 21% to 18.9 million in fiscal 2026 and that it plans on starting a new share purchase programme.
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In politics, Andy Burnham is widely expected to be the new prime minister of the UK, after Keir Starmer resigned earlier this week. Investors were keen on his fiscal policy plans and who was likely to be the next finance minister.
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The more domestically exposed FTSE midcap index is on track for small weekly losses. In contrast, the internationally exposed FTSE 100 was on track for its biggest weekly gain in over a month as tensions in the Middle East ease.
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The travel and leisure sector is especially hit due to the conflict. Heathrow Airport lowered its 2026 passenger forecast and warned that profit could shrink this year.
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Investors are bracing for any second-round inflation pressures as they price in at least one 25-basis-point interest rate hike by the Bank of England this year, LSEG-compiled data showed.
Reporting by Johann M Cherian in Bengaluru; Editing by Shreya Biswas
Source: Reuters