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* AstraZeneca slumps after profit miss
* Miners, oil stocks weigh after dollar dents commodity
prices
* FTSE 100 down 0.5%, FTSE 250 ends flat
(Updates to close)
By Bansari Mayur Kamdar
Nov 12 (Reuters) - UK's FTSE 100 index fell on Friday,
dragged lower by drugmaker AstraZeneca following its profit
miss, while commodity-linked stocks slipped as a stronger dollar
dented metal and oil prices.
The blue-chip FTSE 100 index ended 0.5% lower,
weighed by AstraZeneca after the COVID-19 vaccine maker
reported a smaller-than-expected quarterly profit and stuck with
its overall profit forecast for the year.
"Such guidance from the leading vaccine provider, at a time
when nations are already inoculating vulnerable patients with a
booster dose, certainly charts a gloomy path for profitability
in upcoming quarters," said Kunal Sawhney, CEO of Kalkine group.
A 2.6% drop in mining stocks and 1.2% slide
in energy stocks also dragged down the
commodity-heavy FTSE 100 index as a stronger dollar weighed on
commodity prices on bets of an earlier-than-expected interest
rate.
However, the surge in mining stocks earlier in the week put
the FTSE 100 on track for its third consecutive week of gains.
Bogged down by inflationary pressures and supply chain
problems, UK blue-chip shares continue to underperform their
European peers. The FTSE 100 has gained just 13.9% this year
compared to the 21.7% increase in the pan-European STOXX 600
index.
According to a latest Chambers of Commerce survey, 80% of
businesses are feeling the effects from price increases in the
UK, adding to fears of inflation in the market, Bloomberg News
reported. (bit.ly/30lg4FP)
In a bright spot, there were reports suggesting Britain
wanted to de-escalate tensions with the European Union and renew
efforts to find a solution over a Northern Ireland trade
dispute.
The domestically-focussed mid-cap index ended flat
with financials and consumer discretionary stocks among the
worst performers.
Online trading platform IG Group slipped 1.4% after
completion of a comprehensive refinancing of its debt, providing
it with additional financial flexibility to grow.
(Reporting by Bansari Mayur Kamdar and Amal S in Bengaluru;
Editing by Shailesh Kuber and Krishna Chandra Eluri)
