05.12.202517:14:17UTC+00UK Stocks Close in the Red

London's FTSE 100 relinquished its early gains, closing down approximately 0.5% at 9,669 on Friday, its lowest point in over a week, and lagged behind its European counterparts. The index was primarily weighed down by significant losses in the oil and gas sector, with BP falling 2.6% and Shell dropping 1.4%, following downgrades by JPMorgan. Additionally, Smiths Group declined by 3.5%, and Melten Energy & Metals fell by 2.7%, further dragging the index down. The financial sector also faced challenges, with Standard Chartered and Prudential each experiencing a decrease of about 1.6%. Conversely, the personal goods sector emerged as one of the top performers, with JD Sports Fashion rising by 2.8% and Burberry Group increasing by 1.4%. From an economic data perspective, Halifax reported that house price growth stagnated in November ahead of the Budget announcement, although the average price still increased to a record £299,892. Over the course of the week, the index declined by approximately 0.6%.