London stocks set for weekly gains as oil, gilt yields retreat
EWU•London’s FTSE 100 rose 0.7% to 10,516.25 points and the FTSE 250 gained 1.2% on Friday, with both indexes on track for modest weekly advances as oil prices and gilt yields retreated.
1. Indexes gain
London shares rose on Friday as easing oil prices and retreating gilt yields lifted sentiment. The FTSE 100 and FTSE 250 were set for small weekly advances after volatile trading driven by higher oil prices and renewed concerns over inflation, borrowing costs and interest rates.
2. Company movers
Airtel Money shares opened at their IPO price of £1.96 in their London debut. Vodafone, Airtel Africa and BT Group fell between 2.5% and 5.4% after SpaceX agreed to acquire a nationwide portfolio of low-band spectrum licences. SSP Group fell 4% after forecasting annual operating profit slightly below its previous expectations, while Morgan Advanced Materials rose 8.7% after an RBC Capital Markets upgrade.
