Oil, weak consumer confidence data keep FTSE 100 under pressure

UK’s top equity index slipped on Friday as easing oil prices and weak consumer confidence data took the shine off its third straight weekly gain amid worries about high inflation slowing economic growth.

The FTSE 100 fell 0.2% by 0808 GMT, while the domestically focussed midcap index rose 0.1%.

UK’s oil & gas index slipped 0.6% on weaker crude futures as countries in the European Union remained split on imposing an oil embargo on Russia. [O/R]

Overall, the mood took a hit as data showed British consumer confidence sank to levels last seen in late 2020 this month and retail sales unexpectedly fell in February.

Discount retailer B&M European Value Retail fell nearly 3% after Credit Suisse (SIX:CSGN) downgraded the stock to “neutral”, while the overall retail index edged 0.1% higher.

Industrial technology group Smiths Group (LON:SMIN) rose 0.5% after reporting higher half-year earnings.

Petropavlovsk slumped nearly 33% after the London-listed gold miner said it would miss an interest payment due on Friday after Britain froze the assets of its main lender Gazprombank.