LONDON: London’s benchmark stock index was largely unchanged on Friday after a record close the previous day, but it notched up a weekly gain thanks to strong earnings for financials, upbeat data, and strength in resource-linked shares.
The blue-chip FTSE 100 slipped 0.04 percent to 10,235.29 points, while ending the week with a 0.1 percent rise. The domestically focused mid-cap index added 0.13 percent, closing at a five-week high, and was up 1.2 percent for the week.
On Friday, London-listed miners led losses, with Glencore and Rio Tinto down 2.5 percent and 1.8 percent, respectively, pressured by concerns over weakening demand for copper from top consumer China.
The index of precious metal miners was down 1.2 percent, with Endeavour mining down 2.6 percent, becoming one of the top losers on the blue-chip index.
Nevertheless, resource-linked stocks were among the biggest contributors to the week’s rally, as geopolitical uncertainty boosted demand for gold, while supply concerns supported copper and other metals earlier in the week.
An index for investment banking and brokerage services rallied 5.3 percent this week, powered by strong earning updates from money managers such as Ashmore Group and Schroders.
Meanwhile, stronger growth in the British economy also improved investor confidence this week, underscoring the economy’s resilience despite previous concern over the impact of Finance Minister Rachel Reeves’ budget plans.
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