The UK's FTSE ⁠100 edged lower on Thursday, weighed down by Shell shares after the oil major posted weaker-than-expected quarterly ⁠profits, while investors ‌awaited the Bank of England’s policy decision later in the day.

The blue-chip index was down 0.4% at 1005 GMT, after closing at a record ⁠high yesterday. Meanwhile, the domestically focused mid-cap FTSE 250 was down 0.7%.

Shell fell 1% after the oil major's fourth-quarter net profit of $3.3 billion missed expectations, dropping 11% from a year earlier amid lower oil prices.

London-listed miners also pressured the index after ⁠gold and silver prices fell sharply ​in a broader market selloff against a stronger dollar.

The index of precious metal miners fell 2.5% and industrial metal ‍miners fell 1.4%.

Meanwhile, the BoE is expected to hold interest rates at 3.75% later in the day ​and signal caution on future cuts.

Despite slowing growth, Britain still has the highest borrowing costs in the G7, and investors will watch closely for changes to the BoE’s guidance after December’s narrow 5-4 vote to cut.

Technology stocks rebounded from a global rout seen earlier in the week. Analytics firm Relx was up 5%, while London Stock Exchange Group rose 7.2%.

Political uncertainty also weighed on the sentiment, lifting British borrowing costs on Thursday.

There were mounting concerns over whether British Prime Minister Keir Starmer could survive the fallout from his decision to ⁠appoint Peter Mandelson as U.S. ambassador despite knowing about his ‌ties to Jeffrey Epstein.

Among individual stocks, Playtech rose 3.4% to the top of the mid-cap index after the gambling technology firm upgraded its outlook and said it was ‌entering 2026 ⁠with strong momentum.

Ithaca Energy rose 4.5% after the oil and gas producer posted strong annual production and ⁠profit growth.

(Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Sahal Muhammed)