London stocks post weekly gains as gilt yields retreat; telecom stocks fall
EWU•The FTSE 100 rose 1% to 10,552.05 on Friday, while the FTSE 250 gained 1.1%; both indexes posted weekly gains. Gilt yields retreated, while telecom stocks fell after SpaceX agreed to acquire low-band spectrum licences.
1. Weekly gains for indexes
London's FTSE 100 rose 1% to 10,552.05 on Friday, and the FTSE 250 climbed 1.1%. For the week, the indexes gained 0.9% and 0.1%, respectively, recovering from volatile trading driven by higher oil prices and renewed concerns over inflation, borrowing costs and interest rates. British government bond yields retreated after reaching multi-decade highs earlier in the week.
2. Telecom shares decline
Telecom stocks were among the biggest decliners after SpaceX's deal to acquire a nationwide portfolio of low-band spectrum licences. Vodafone, Airtel Africa and BT Group fell between 2.4% and 6.3%, making them the FTSE 100's weakest performers.
3. Other company moves
Airtel Money shares fell 5.6% below their offer price in a muted trading debut after its IPO was heavily oversubscribed. SSP Group fell 4% after forecasting annual operating profit slightly below its previous expectations, while Morgan Advanced Materials rose 9.4% after an analyst upgrade and higher price target.
