Commodity stocks, strong retail sales data boost UK shares

19 Nov, 2021

London's FTSE 100 rose on Friday after a three-day slump, driven by commodity stocks and better-than-expected retail sales data that helped allay economic slowdown worries.

The blue-chip FTSE 100 gained 0.4% by 0804 GMT, with miners BHP Group, Rio Tinto, Glencore and Anglo American among the top boosts as metal prices jumped on fears of tightening supply in China after a smelter stopped production following an explosion.

Oil stocks added 1.3% following wild swings on Thursday, as investors looked past possible release of reserves by the world's major economies.

Auction houses and shoppers seeking new clothes for the Christmas holidays lifted British retail sales in October by more than expected, adding to recent signs that a slowdown in the economy might have abated slightly.

The domestically focussed mid-cap index advanced 0.1%.Ryanair fell 0.3% after it gave notice of its intention to delist from the London Stock Exchange next month, citing costs related to retaining an additional listing.

Unilever Plc slipped 0.5% after saying it agreed to sell its global tea business to CVC Capital Partners for 4.5 billion euros ($5.1 billion).

Read Comments