BR100 Decreased By (-0.25%)
BR30 Decreased By (-0.64%)
KSE100 Decreased By (-0.41%)
KSE30 Decreased By (-0.67%)
BECO 5.83 Decreased By ▼ -0.20 (-3.32%)
BML 57.90 Increased By ▲ 5.15 (9.76%)
BOP 33.79 Decreased By ▼ -0.46 (-1.34%)
CNERGY 8.15 Decreased By ▼ -0.01 (-0.12%)
DCL 11.79 Decreased By ▼ -0.55 (-4.46%)
FCCL 53.49 Decreased By ▼ -0.40 (-0.74%)
FCSC 5.40 Increased By ▲ 0.18 (3.45%)
FFL 17.84 Decreased By ▼ -0.19 (-1.05%)
FNEL 1.30 No Change ▼ 0.00 (0%)
HUMNL 11.11 Increased By ▲ 0.11 (1%)
KEL 8.02 Decreased By ▼ -0.09 (-1.11%)
KOSM 5.45 Increased By ▲ 0.07 (1.3%)
MLCF 87.40 Decreased By ▼ -0.65 (-0.74%)
NBP 184.24 Decreased By ▼ -2.24 (-1.2%)
PACE 11.62 Increased By ▲ 0.90 (8.4%)
PAEL 40.25 Increased By ▲ 0.31 (0.78%)
PIAHCLA 26.12 Decreased By ▼ -0.05 (-0.19%)
PIBTL 17.14 Decreased By ▼ -0.18 (-1.04%)
PPL 228.73 Decreased By ▼ -4.05 (-1.74%)
PRL 34.49 Decreased By ▼ -0.46 (-1.32%)
PTC 67.54 Decreased By ▼ -0.02 (-0.03%)
SEARL 90.93 No Change ▼ 0.00 (0%)
SSGC 26.83 Decreased By ▼ -0.34 (-1.25%)
TELE 8.53 Decreased By ▼ -0.04 (-0.47%)
THCCL 66.14 Increased By ▲ 6.01 (10%)
TPLP 9.33 Increased By ▲ 0.57 (6.51%)
TREET 24.51 Decreased By ▼ -0.03 (-0.12%)
TRG 71.61 Decreased By ▼ -0.14 (-0.2%)
WAVES 10.98 Increased By ▲ 1.00 (10.02%)
WTL 1.28 Increased By ▲ 0.02 (1.59%)

imageLONDON: Britain's top share index rallied on Friday as commodity-related stocks rebounded, with investors focused on a US jobs report due later in the day.

Energy shares gained 1.8 percent and mining shares 1.6 percent as oil and copper prices rose.

Brent crude climbed above $50 a barrel to near seven-month highs, despite an OPEC meeting that produced no agreement on a supply ceiling. Investors took heart from Saudi Arabia's pledge not to flood the market and from a decline in US crude supply .

Oil majors BP and Shell were up 2.4 percent and 1.4 percent respectively.

"The perkiness of its commodity sector (is) the main driver of growth this Friday... despite another display of OPEC's ineffectiveness on Thursday," Connor Campbell, financial analyst at Spreadex, said in a note. Britain's FTSE 100 was up 60.51 points, or 1 percent, at 6,246.12 by 1056 GMT, set for its biggest gain in more than a week.

The rise took it through several moving-average levels, which traders said signalled technical strength.

"The FTSE is gathering positive momentum after having broken the 200-hour moving average on the upside at the open," said Ipek Ozkardeskaya, a market analyst at London Capital Group.

Traders were focussed on the US non-farm payrolls report, due at 1230 GMT. Expectations are that 164,000 jobs were added in May, which may be enough to confirm a tightening labour market and push the Federal Reserve closer to raising interest rates soon.

Financial markets see a small chance of a rate increase at the Fed's June 14-15 policy meeting but are pricing in roughly a 59 percent probability at the July gathering.

UK housebuilders were the biggest losers, with Barratt Developments, Taylor Wimpey and Persimmon all down 0.5 to 1.2 percent.

Analysts cited ongoing concern about Britain's referendum on whether to leave the European Union. Marks & Spencer retreated 0.3 percent after JPMorgan cut the retailer to "underweight" from "neutral".

Copyright Reuters, 2016

Comments

Comments are closed for this article.