Britain's FTSE 100 saw a slight downturn of 0.03% as the trading week concluded, primarily led by a decline in mining stocks. This decline comes amidst rising investor caution regarding the potential consequences of upcoming US tariffs that could impact market sentiments negatively. At the close of trading on Friday, mining giants Anglo American, Endeavour Mining, Glencore, and Antofagasta experienced significant drops, falling 3.29%, 3.47%, 2.55%, and 1.02%, respectively.
These decreases reflect a broader hesitance in the market as investors grapple with the effects of potential tariff implementations that could weigh heavily on commodity prices and, subsequently, mining stocks. In a contrasting development within the healthcare sector, AstraZeneca's Imfinzi, when combined with standard-of-care chemotherapy, demonstrated promising results in the phase 3 Matterhorn trial aimed at treating early-stage gastric cancer.
This positive news led to a modest increase of 0.37% in AstraZeneca's stock, illustrating the strong demand and confidence in innovative cancer therapies within the pharmaceutical market. Meanwhile, ITV's stock rose by 3.21%, buoyed by a favorable view from Baader Europe despite the broadcaster's disappointing fiscal year 2024 results.
Analysts noted that although the figures fell short of expectations, the company's potential for acquisition or a unit sale remains strong. Comments from Baader Europe highlighted, "ITV released disappointing FY24 figures, but the CEO declined to comment on any bid speculation, fuelling hope of a unit sale or a takeover.
We still maintain our positive stance on the stock, underpinned by the speculative appeal of the stock, embodied by our 100%+ upside derived from our NAV." On the economic landscape, recent data from Halifax indicated a slight decrease in UK house prices, edging down 0.1% month over month in February after previously rising by 0.6% in January.
This trend fell short of the anticipated 0.3% increase, with the current average property price standing at 298,602 pounds sterling. Halifax's head of mortgages, Amanda Bryden, commented on the ongoing dynamics of the housing market, stating, "February's figures highlight the delicate balance within the UK housing market.
While there's been talk of a last-minute rush on new mortgages ahead of changes to stamp duty, inevitably we've seen some of the demand that was brought forward start to fade as the April deadline ticks closer, given the time needed to complete a purchase.".