London stocks clock weekly gains

LONDON: Britain’s FTSE 100 rallied on Friday to erase weekly losses, aided by gains in defensive stocks, although concerns over stubborn inflation and economic slowdown kept sentiment in check.

The blue-chip FTSE 100 added 2.6%, while the domestically focused mid-cap index advanced 2.3% and ended the week about 0.5% higher.

Banks and defensive sectors including consumer staples and healthcare stocks that tend to be less sensitive to the economic climate boosted the benchmark index.

Banks gained 3.1%, recouping their previous session’s losses, while pharmaceutical giants such as AstraZeneca and GlaxoSmithKline and cyclical names Diageo, Unilever rose between 1.5% and 2.7%.