The UK’s FTSE 100 index gained in early trade on Friday, lifted by rising energy stocks on higher crude oil prices, while global miner Anglo American dropped after saying it expects lower 2024 production.
By 0807 GMT, the blue-chip FTSE 100 rose 0.1%, while more domestically focussed FTSE 250 midcap index was flat.
Heavyweight energy stocks gained 0.7%, tracking strength in crude oil prices after Saudi Arabia and Russia called for more OPEC+ members to join output cuts.
The exporter-heavy FTSE 100 is set to log marginal weekly losses, while the midcap index eyes sharp weekly gains.
Anglo American lost 5% after the global miner said it aimed to reduce capital expenditure by $1.8 billion across its businesses by 2026 as it deepens spending cuts across all its units.
Stronger pound pulls UK’s FTSE 100 lower in early trade
Sainsbury gained 2.8% after Goldman Sachs upgraded the supermarket group’s rating to “buy” from “neutral”.
Focus would be on the crucial US November nonfarm payrolls report due later in the day, which is expected to show job growth in the world’s biggest economy likely picked up in the previous month.
Comments
Comments are closed for this article.