FTSE 100 Modestly Lower As Middle East Tensions Continue To Weigh

(RTTNews) - U.K. stocks slipped on Friday, sliding for a fifth straight session, weighed down by lingering concerns about tensions in the Middle East. Shares from mining and banking sectors were among the notable losers around noon.

Iran has tightened its grip over the key Strait of Hormuz and U.S. President Donald Trump said he has ordered the Navy to "shoot and kill any boat" that is putting mines in the waters of the Strait of Hormuz.

Trump said the United States is not rushing to resolve the conflict with Iran, describing Iran's leadership as being in turmoil.

According to reports, Iranian Parliament Speaker Mohammad Bagher Ghalibaf has resigned from U.S. negotiations, signaling a shift toward hardline unity.

The benchmark FTSE 100, which dropped to 10,365.07 earlier in the session, was down 29.91points or 0.29% at 10,427.10 about a quarter past noon.

Mondi tumbled more than 7%. The paper and packaging group company reported a sharp decline in its first-quarter profit. Underlying EBITDA, including forestry fair value, fell to €212 million from €290 million in the comparable quarter last year.

JD Sports Fashion, Antofagasta, Convatec Group, AstraZeneca, St. James's Place, Melrose Industries, Rolls-Royce Holdings, Entain, Anglo American Plc, IAG, Babcock International, Pershing Square Holdings and Berkeley Group Holdings lost 2%-3.5%.

Smith & Nephew, Airtel Africa, BAE Systems, Fresnillo, Standard Chartered, ICG, Weir Group, Lloyds Banking Group, Barclays, Natwest Group, Endeavour Mining and Croda International also drifted notably lower.

Grocer J Sainsbury advanced 1.5% after launching a share buyback program of up to £300 million.

British American Tobacco climbed 3.3%. BT Group, Tesco, Intertek Group, BP, Shell and Whitbread gained 1%-2%.