London's FTSE 100 falls as healthcare, bank stocks decline

Wed, 28th Jan 2026 11:31

Jan 28 (Reuters) - ‍The UK's blue-chip index declined on Wednesday, weighed down by losses in banks and ⁠healthcare stocks, as investors parsed corporate earnings and awaited the U.S. Federal Reserve's policy decision.

The FTSE 100 fell 0.4% by 1056 GMT, while the domestically focused FTSE 250 bucked the trend, rising 0.1% and hitting its highest level since January 2022 earlier in the session.

Healthcare stocks were the biggest drag on the FTSE 100, tumbling 1.9%. Pharmaceutical giants GSK and AstraZeneca dropped 1.9% and 2.3%, respectively.

Banks retreated 1.2% after hitting record highs ‍in the previous session. Investec slid 1.6%, while HSBC Holdings and Close Brothers both fell ‌over 1%.

Luxury stocks also came under pressure after French luxury conglomerate LVMH plunged 6.7% following disappointing fourth-quarter results. Burberry and Watches ‌of Switzerland declined 2.5% and 2%, respectively.

But precious metal miners rose 2.1%, rebounding from Tuesday's losses as gold extended its rally above $5,300 per ounce.

Energy stocks also advanced 1%, lifted ‌by oil prices hitting their highest since late September. Majors Shell and BP each gained about 1%. The companies are seeking U.S. licenses to extract natural gas from fields in Trinidad and Tobago and Venezuela, according to Caribbean energy minister Roodal Moonilal.

Market participants are now looking to upcoming ⁠corporate earnings for clearer signals on business conditions amid geopolitical ‍tensions and trade uncertainties.

Attention was also on the Fed's policy update later in the day. Most traders expect the U.S. central bank to hold interest rates steady.

Pets at Home ⁠jumped 5.3% after the pet care retailer maintained its full-year profit forecast despite reporting lower third-quarter revenue, attributed partly to price cuts as part of its retail turnaround strategy. (Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Sahal Muhammed)