BRUSSELS (dpa-AFX) - The U.K. market's benchmark index FTSE 100 was marginally above the flat line a few minutes past noon on Friday as stocks recovered from a weak start thanks to support at lower levels.
The market opened lower as bank stocks came under pressure amid reports Chancellor John Healey is looking to raise taxes on banks. Weak pharmaceuticals stocks weighed as well at the start.
The FTSE 100 was up 6.50 points or 0.06% at 10,846.85 around noon.
Lloyds Banking Group and Natwest Group were down 1.8% and 1.6%, respectively, around noon. Pharma stocks AstraZeneca and GSK were down 1.6% and 09%, respectively.
Severn Trent, Antofagasta, Coca-Cola HBC, Coca-Cola Europacific Parnters, Games Workshop, United Utilities, Haleon, Anglo American Plc, Associated British Foods and Unilever were lower by 0.4%-1.5% around noon.
WPP climbed 4.7%. Babcock International moved up 3.6%, while Weir, Autotrader Group, Melrose Industries and Pearson gained 2%-2.5%.
Ithaca Energy gained about 1.5%. The British oil and gas firm announced that its Chief Executive Officer, Luciano Vasques is set to retire by March 31, 2027.
BAE Systems, Balfour Beatty, Relx, Pershing Square Holdings, IMI, 3i Group, Smiths Group, British American Tobacco, Burberry Group, Metlen Energy & Metals, Ithaca Energy, Computacenter, The Sage Group and St. James's Place advanced 1.3%-2%.
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