FTSE 100 Dips as AstraZeneca Falls Amid Cooling Wage Growth in UK

The FTSE 100 experienced a slight decline as AstraZeneca's stock plummeted following disappointing results from a key lung cancer trial. Wage growth in the UK slowed, reinforcing predictions for future interest rate cuts by the Bank of England. Precious metal miners led gains, while the semiconductor sector faced declines.

The FTSE 100 in London saw a slight decline on Tuesday, with AstraZeneca's performance weighing heavily on the index and broad market declines. Lower wage growth in the UK further cemented expectations for future interest rate cuts by the Bank of England.

Specifically, the FTSE 100 fell 0.6% by 0712 GMT, following its best performance in over a month on Monday. Meanwhile, the FTSE 250 declined by 0.1%. The pharmaceutical and biotech sector hit a new low for the past month, led by AstraZeneca's 5.4% drop after disappointing lung cancer trial results. Additionally, the medical equipment sector saw a 0.9% decrease.

In other market movements, heavyweight energy shares fell by 0.2% in response to lower oil prices. Conversely, Centamin surged by 22.3% after AngloGold Ashanti announced a $2.5 billion acquisition deal, boosting the precious metals mining sector by 6.2%. IQE, a semiconductor wafer maker, saw an 11.3% drop after announcing its annual performance would be at the lower end of analysts' expectations.

(With inputs from agencies.)