FTSE 100 Dips Amid Pharma and Energy Sector Woes; Precious Metals Shine

The FTSE 100 index dropped by 0.8% on Tuesday, primarily due to a sell-off in healthcare and energy sectors. Cooling wage growth in the UK has increased expectations of interest rate cuts by the Bank of England. However, precious metal miners saw significant gains, led by a sharp rise in Centamin shares.

London's FTSE 100 closed 0.8% lower on Tuesday, driven by a sell-off in healthcare and energy shares. Cooling wage growth in the UK reinforced predictions for further interest rate cuts by the Bank of England.

After logging its best day in over a month on Monday, the FTSE 100 dipped again, while the mid-cap FTSE 250 remained flat. The pharma and biotech sector dropped 1.5%, led by AstraZeneca, which fell 2.4% following disappointing lung cancer trial results.

Energy shares lost 1.7% after Brent crude prices fell below $70 a barrel. Precious metal miners, however, led gains with a 6.7% rise, spurred by a 22.9% surge in Centamin shares. Among individual stocks, Alpha Group fell 11.1%, and IQE tumbled 19.2%.

(With inputs from agencies.)