UK stocks rose on Friday amid a broad rally underpinned by gains in precious metal miners tracking gold prices higher, while investors cheered as the British economy rebounded in November.
The blue-chip FTSE 100 was up 0.9% by 0813 GMT and the midcap FTSE 250 index gained 1.0%, but both the indexes were set to book losses for the second consecutive week.
Burberry shares dropped 9.3% after the British luxury fashion brand warned its full-year results would fall below its previous guidance after a further slowdown in its key December trading period.
UK’s FTSE 100 falls on losses in non-life insurers, Sainsbury’s
The luxury retailer dragged the personal goods sector down to an over 11-year low.
Precious metal miners were the top gainers with a 2.4% jump, boosted by higher gold prices as global strikes on Yemen added to fears of further escalation in the Middle East conflict, enhancing the bullion’s safe-haven appeal.
Meanwhile, Britain’s economy grew slightly more strongly than expected in November, but the weakness in previous months leaves it at high risk of slipping into a recession.
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