FTSE 100 gains 28 points as utilities offset tech selloff

Defensive utility shares helped London's benchmark index outperform global peers on Friday, even as chip stocks fell sharply and Middle East tensions weighed on sentiment.

By Handelsavisen Newsroom · Automated 2026-07-17 16:35 UTC · 1 min read

The FTSE 100 closed 28.13 points higher at 10,600.37 on Friday, outperforming major global indices amid a risk-off session.

The modest gain came as defensive utility stocks provided a buffer against broader market weakness, particularly in the technology sector.

Chip shares were among the worst performers, dragged down by sector-wide jitters that rippled through global equity markets.

The divergence between defensive and growth sectors highlighted investor caution.

While utilities held firm, the tech selloff reflected ongoing nervousness about valuation multiples and growth prospects in the semiconductor space.

Meanwhile, geopolitical developments in the Middle East continued to cap enthusiasm, keeping a lid on broader market rallies despite the index's positive close.