The UK’s FTSE 100 advanced on Friday, with resources-linked stocks leading the gains on higher commodity prices, while the benchmark index was poised for a strong climb in a week packed with interest rate decisions by major central banks.
By 0806 GMT, the blue-chip FTSE 100 rose 0.2% and the FTSE 250 midcap index added 0.3%. Miners of both industrial and precious miners rose 1.8% and 0.1%, respectively.
Heavyweight energy stocks climbed 1.2% on higher crude oil prices.
Sentiment got a lift this week after the US Federal Reserve signalled that it could pivot to interest rate cuts next year, setting the exporter-heavy FTSE 100 on track for its third straight weekly gain, while the midcap index is likely to post sharp weekly advances as well.
UK’s FTSE 100 at 8-week high after Fed signals end of rate hikes
Crimping risk sentiment, the Bank of England and the European Central Bank both hinted on Thursday that rates would remain higher for an extended period of time.
Among individual stocks, Trainline gained 15.4% after Barclays upgraded the rail ticketing company’s rating to “equal-weight” from “underweight”.
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