21.04.202616:29:07UTC+00FTSE 100 Falls for 2nd Day

The FTSE 100 fell about 1% on Tuesday, extending Monday’s 0.6% decline, as investors remained cautious ahead of developments in US–Iran talks and with the ceasefire deadline approaching. Defence stocks led the downside, with BAE Systems down 4.2%, Babcock off 1.4%, and Rolls-Royce losing more than 6%. Pharmaceuticals also weakened, as AstraZeneca slipped 2.6% and GSK dropped 2.9%. Among other blue chips, Unilever and British American Tobacco declined 1.2% and 2.7% respectively. Associated British Foods fell more than 2.5% after confirming plans to spin off Primark.

On the upside, BP gained more than 1%, while utilities outperformed, with SSE up 2.7% and Centrica advancing 1.3%. Experian rose over 2% after appointing Adam Crozier as chair designate. On the macroeconomic front, UK unemployment edged down to 4.9%, beating expectations, while wage growth moderated to 3.8% including bonuses and 3.6% excluding them, with both measures slightly above forecasts.