London's FTSE 100 breaks three-week winning streak on geopolitical jitters

ReutersJan 23, 2026 5:27 PM

FTSE 100 down 0.07%, FTSE 250 down 0.2%
Precious metal miners gain as gold, silver prices rise
UK retail sales rise unexpectedly in December
C&C Group hits more than 16-year low after profit forecast cut

By Tharuniyaa Lakshmi

Jan 23 (Reuters) - The UK's FTSE 100 rounded off the week with losses on Friday, as renewed geopolitical uncertainty weighed on investor sentiment though mining stocks closed the week with robust gains.

The blue‑chip FTSE 100 .FTSE closed down 0.07%, breaking its three‑week winning streak in which it had gained about 3.5%, its longest run since August.

The domestically-focused FTSE 250  .FTMC retreated 0.2% from a more than four-year high hit on Thursday.

It ended flat for the week.

U.S. President Donald Trump's tariff threats over Greenland last weekend weighed on investor sentiment this week. And although he backed away from the threats and ruled out acquiring the territory by force, investors remained uneasy about renewed geopolitical uncertainty.

Most sectors in the market ended lower on Friday, with banks .FTNMX301010 the biggest weights.

However, commodity-linked sectors saw gains, with energy firms .FTNMX601010 up 0.8% tracking higher oil prices.

The index of precious metal miners .FTNMX551030 gained 2% after gold inched closer to $5,000/oz, and silver crossed the $100/oz mark as investors piled into safe-haven assets amid geopolitical turmoil. GOL/

The sector outperformed peers with an 11.3% gain this week, its biggest weekly rise since November.

"Gold ostensibly remains the preferred portfolio hedge amid ongoing geopolitical risk, keeping the bullish case intact," said Laura Cooper, senior macro strategist at Nuveen.

"While near-term consolidation is possible given recent market moves, the balance of risks still tilts to the upside."

Among other stocks, C&C group GCC.L hit a more than 16-year low after the Irish drinks producer cut its fiscal 2026 profit forecast, blaming weak confidence following November's UK budget that altered buying habits and saddled demand.

Separately, official data showed British retail sales unexpectedly rose in December, helped by stronger online spending, supporting signs of a pickup in the economy.

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.