The FTSE 100 closed lower on Tuesday as oil prices retreated following signs that Iran and Israel are moving to de-escalate tensions. Healthcare stocks were a major drag on the index. GSK fell more than 3% after unveiling a $10.6 billion agreement to acquire US cancer drug developer Nuvalent, one of the largest deals in the company’s history. The broader European healthcare sector also came under pressure, indicating the weakness was not purely stock-specific.
AstraZeneca slipped nearly 2% despite reporting that its experimental obesity pill delivered weight loss of up to 11.8% in a mid‑stage clinical trial. RELX declined more than 1.5% after the data and analytics group announced a £200 million share buyback programme, scheduled to run until June 2026.
On the macroeconomic front, UK retail sales rose more than expected in May, with warmer weather lifting demand for outdoor and seasonal goods.
