Industrial stocks, Inchcape pull British mid-caps higher
- Tesco fell 1.5% after Britain's biggest retailer reported a sharp slowdown in underlying UK sales growth in its first quarter.
London's FTSE 250 index edged higher on Friday, helped by gains in industrial stocks and Inchcape, while data showed retail sales fell in May as Britons dined out more following a lifting of pandemic restrictions.
The domestically focused mid-cap index advanced 0.3%, snapping its three-day losing streak. Among industrial stocks, Rotork Plc climbed 3.3% and was one of the biggest gainers after Morgan Stanley upgraded the stock to "overweight".
Inchcape jumped 6.2% to the top of the index after the car dealership said its current-year earnings would beat market estimates, helped by an uptick in demand following the easing of pandemic-related restrictions.
The blue-chip FTSE 100 index inched 0.1% lower as a fall in heavyweight oil majors BP and Royal Dutch Shell offset gains in large dollar-earning consumer staples companies including Unilever and Diageo on weaker pound.
Tesco fell 1.5% after Britain's biggest retailer reported a sharp slowdown in underlying UK sales growth in its first quarter.
British retail sales fell unexpectedly by 1.4% last month as a lifting of lockdown restrictions encouraged spending in restaurants rather than shops.
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