FTSE 100 rises 0.41% as banks and miners lead gains

  • FTSE 100 rose 0.41% as banking and mining shares offset energy-sector weakness.
  • Banks and miners advanced, while BP fell more than 2% and Shell declined 0.8%.
  • GfK said UK consumer confidence improved for a third consecutive month despite household caution.

The FTSE 100 rose 0.41% to 10,723.98 points by 0952 GMT on Friday, while the FTSE 250 gained 0.71%, putting both indexes on track for a second consecutive weekly advance. Banking shares led the market, with the sector up 1.4%; HSBC rose 1.3%, Barclays and Lloyds advanced between 0.8% and 1.8%, and Standard Chartered gained about 2%. Mining stocks also advanced, with precious-metal miners up 2.5% and industrial-metal miners 1.3% higher as gold, silver and copper recovered. Glencore rose 1.6% in the latest trading update and Anglo American gained 1.8%. Energy stocks lagged as crude prices weakened, with BP down more than 2% and Shell off 0.8%. Investors weighed the possibility of a US-Iran truce against concerns that escalating Houthi attacks on Saudi Arabia could disrupt supplies from the key Middle Eastern producer. The 10-year gilt yield eased to 5.3682% after reaching a more than one-week high earlier in the week. GfK said UK consumer confidence improved for a third consecutive month and reached a more-than-two-year high, although households remained cautious. United Utilities edged higher after saying its operational performance was in line with expectations and that it was seeking support for £1 billion of network investment. Harworth Group rose 4.9% after Goodweather Holdings raised its final offer to 187 pence per share, while Capricorn Energy gained 12.4% after Genel Energy increased its cash offer to $436 million, surpassing DNO's rival bid. The FTSE 100 was around 0.3% higher over the week.

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