FTSE 100 Stays Flat Amid Mixed Sector Performances

The UK's FTSE 100 stock index remained largely unchanged on Wednesday due to a sharp sell-off in luxury and metal mining shares, balanced by gains in aerospace-defence and pharmaceuticals. Precious metal miners saw significant declines, while aerospace and defence shares led gains. Eyes are now on Nvidia's results and upcoming U.S. economic data.

UK's main FTSE 100 stock index ended flat on Wednesday as a sharp sell-off in luxury and metal mining shares was offset by gains in aerospace-defence and pharmaceuticals.

Precious metal miners led declines with a 2.8% slump, its biggest one-day loss in three weeks, while industrial metal miners lost 1.7% due to a stronger U.S. dollar and demand concerns from China. Watches of Switzerland Group was down 3.5% after a ratings downgrade, and Burberry lost 2.2%, affecting the personal goods index.

In contrast, aerospace and defence shares rose by 1.5%, and the pharma sector was up 0.8%, led by GSK's 2.1% gains. Delaware's highest court will hear GSK and others appeal against lawsuits claiming Zantac caused cancer. Among individual stocks, Direct Line Insurance rose 1.7% after a Citigroup upgrade, while Kingfisher dropped 1.2% following a downgrade by Citigroup. Investors now await Nvidia's quarterly results and Friday's U.S. Personal Consumption Expenditure data for further economic insights.

(With inputs from agencies.)