On Friday, UK stocks experienced a decline following the release of data indicating a modest 0.2% increase in British retail sales for November, which fell short of analysts' expectations. This comes as consumers appear to be reducing expenditure in the year's concluding months. Analysts had anticipated a 0.5% rise following a 0.7% decrease in October. Yearly, the retail sales growth slowed to 0.5% from October's 2.0%.
Meanwhile, another data set highlighted a significant reduction in the UK's budget deficit for November. This improvement was attributed to lower interest payments on government debt and an upswing in tax revenue compared to the previous year. Public sector net borrowing fell by £3.4 billion to £11.2 billion, marking the smallest deficit for November since 2021.
The FTSE 100 index, a key market benchmark, declined by 61 points or 0.8%, settling at 8,044 after a 1.1% dip on Thursday. The mining sector bore the brunt of the losses, with key players like Anglo American, Antofagasta, and Glencore each dropping approximately 1%.
GSK's shares slightly declined, notwithstanding the announcement of favorable headline results from the FIRST-ENGOT-OV44 phase III trial, which is assessing the effectiveness of Zejula and Jemperli in initial treatment of advanced ovarian cancer.
Conversely, ITM Power's stock surged by 4.1% after the company, specializing in energy storage and clean fuel solutions, secured a contract for a green hydrogen project within the European Union.
Shares of Synairgen saw a dramatic 37% drop, following the biopharmaceutical company's declaration of its intention to raise up to £25 million to support phase 2 trials for its antiviral treatment.
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