-- British stocks concluded the trading week flat, with the FTSE 100 down 0.03% on Friday's close amid a quiet day of local economic news and the expected weekend peace talks between the US and Iran.
"Financial markets breathed a sigh of relief this week as the US and Iran announced a two-week ceasefire. However, the truce looks fragile and the Strait of Hormuz is still effectively closed, so we don't plan any major changes to our UK growth and inflation projections as part of our global forecast update on April 13," Oxford Economics said in a note.
"The ceasefire lessens the chances of more disruptive outcomes playing out. But even if a full-blown truce is agreed, it will take time for energy production and shipping traffic to return to normal levels," the research firm added. "Our current baseline assumption is that the Strait of Hormuz remains effectively closed until the end of April, with traffic levels rising to around 50% in May and June, before gradually recovering to normality over the following six months."
Oxford Economics currently expects the UK's gross domestic product growth to stand at 0.4% in 2026 and 0.9% in 2027, while inflation in the country is projected to reach 4.5% in the fourth quarter of 2026.
In corporate news, Kingfisher plc (KGF.L) was one of the blue-chip index's top gainers, rising 2.70% at closing, as it commenced the first tranche of its share repurchase program worth up to 300 million pounds sterling. The British home improvement company will buy back a maximum of 75 million pounds of its shares under the initial tranche, which will be canceled to reduce the company's share capital.
Meanwhile, electrical goods retailer AO World (AO.L) expects its adjusted profit before tax for the 12 months ended March 31 to be at the top end of its guidance range of 45 million pounds to 50 million pounds, while total group revenue is anticipated to rise 11%. The stock gained 6.98% at the end of the trading session.