The FTSE 100 retreated further on Thursday, building on a 1.7% decline in the previous session, as weakness in healthcare and energy stocks weighed on the index. AstraZeneca dropped 9% after its gene-silencing drug Wainua, developed in partnership with Ionis Pharmaceuticals, failed in a late-stage clinical trial to reduce heart complications in patients suffering from a rare and potentially fatal cardiac disease.
Energy heavyweights also dragged on the market, with Shell down 0.8% and BP off 1.3%, as oil prices surrendered earlier gains despite renewed tensions between the US and Iran. The conflict and uncertainty over the durability of the ceasefire have rekindled concerns that any sustained rise in energy prices could stoke inflation.
In corporate news, Severn Trent reported that trading remains in line with expectations following a strong start to its 2027 financial year. Meanwhile, the latest RICS survey indicated that UK house prices continued to fall in June, though the pace of decline moderated slightly, hinting that the housing market may be starting to stabilise.
