- Real estate, home construction down after Moody's warning
- Network International up after agreeing to PE deal
- Amigo grants shareholder rights to help raise funds
- Croda set for biggest drop since 2000
- FTSE 100 slides 0.04%, FTSE 250 off 0.2%
June 9 (Reuters) - UK's FTSE 100 traded slightly lower on Friday as a steep fall in shares of chemicals firm Croda following a downbeat profit forecast outweighed a boost from AstraZeneca.
The FTSE 100 benchmark index slid 0.04%, while the FTSE 250 midcap index slipped 0.2%.
The chemicals sector lost 9.2%, dragged down by a 15.3% fall in component Croda International, which disappointed investors by forecasting a pre-tax annual profit below expectations.
"Croda has been suffering from customer destocking due to an oversupply of goods," said Joshua Warner, market analyst at City Index.
"It has partially countered lower volumes in consumer care with higher prices, while life sciences has seen destocking happen quicker than anticipated."
AstraZeneca climbed 0.8% after the Food and Drug Administration advisers backed the use of the drugmaker and partner Sanofi's experimental antibody to prevent respiratory infections in infants.
The healthcare firm also said it had signed an agreement with Quell Therapeutics potentially worth more than $2 billion to develop cell therapies curing autoimmune diseases.
The broader healthcare sector added 0.6%.
Shares of Network International jumped 5.8% after Brookfield Asset Management said it had reached an agreement with the payments provider for a cash offer of 2.2 billion pounds ($2.76 billion).
For the week, the two major FTSE indexes are eyeing declines, with real estate and home construction among worst performers after disappointing housing data rekindled fears of a recession.
Moreover, following surprise rate hikes by two major central banks, investors have stayed wary of major bets ahead of the U.S. Federal Reserve's rate decision next week.
Among other movers, Amigo Holdings Plc soared 153.8% on granting shareholder Michael Fleming an agreement to look for financing options for the troubled company.
The real estate and the home construction sectors declined 0.6% and 0.9%, respectively, after ratings agency Moody's said domestic house prices are likely to fall 10% over the next two years.
Reporting by Johann M Cherian in Bengaluru; Editing by Rashmi Aich and Anil D'Silva
Source: Reuters