UK shares log weekly gains as banks, miners offset energy drag
EWU•The FTSE 100 closed 0.14% higher at 10,695.25 on Friday, its second consecutive weekly gain, while the FTSE 250 rose 0.44%. Gains in banks and miners offset declines in energy shares as oil prices eased.
1. Banks and miners rise
The FTSE 100 closed 0.14% higher at 10,695.25 points, and the FTSE 250 climbed 0.44%; both indexes recorded weekly gains. Banks rose 1.3%, with Barclays up 1.6%, Lloyds up around 1.7% and Standard Chartered up around 2.5%. Precious metal miners gained 2% as gold and silver prices rose.
2. Energy shares fall
Oil prices eased after two sessions of gains as investors weighed hopes of a U.S.-Iran truce against risks to supply from escalating Houthi attacks on Saudi Arabia. Shell fell 0.8% and BP dropped 2.3%. HSBC upgraded BP to “buy” from “hold”; BP is weighing a potential acquisition of Devon Energy’s South Texas operations, Reuters reported Thursday.
3. Offers lift smaller stocks
Harworth Group rose 5.1% after Goodweather Holdings raised its final offer to 187 pence per share. Capricorn Energy gained 13.9% after Genel Energy raised its cash offer to $436 million, topping a rival offer from DNO.
