FTSE 100 clocks mild weekly gain as commodity-linked shares rise

LONDON: The FTSE 100 closed higher on Friday, boosted by gains in mining stocks, and managing to eke out a weekly gain at the end of a torrid week marred by persistent Middle East tensions and growing inflation worries.

The blue-chip FTSE 100 rose 0.6 percent to 10,816.6 points, also clocking a 0.6 percent rise for the week. The midcap FTSE 250 climbed 0.9 percent but marked its first weekly decline in six.

Precious and industrial metal miners rose as gold and copper prices edged higher against a dollar weakened by the US Treasury’s bond buyback move. Antofagasta and Endeavour Mining rose 5.4 percent and 4.1 percent, respectively, leading gains in the FTSE 100.

US Treasury Secretary Scott Bessent said on Thursday he may further increase the government’s repurchases of Treasuries, in an effort to support a government debt market that had begun to balk after the previous day’s surprise plan to double buybacks.

Global stocks were set for their biggest weekly fall since mid-July, as strain in global bond markets showed little sign of abating.

Iran said that its response to any new US threats would be “devastating” after Washington pledged to impose the toughest financial penalties in history with the aim of toppling the Iranian leadership.

British retail sales fell back as expected in July after a surge in June when hot weather boosted demand for fans and air conditioners, while supermarkets offered promotions alongside the men’s soccer World Cup, official figures showed.

Separately, Britain’s services sector, the engine of its economy, grew unexpectedly this month, according to a survey, adding to signs of resilience despite the conflict in the Middle East.

British telecom services provider Gamma Communications gained 11.6 percent after it said it was in early talks with the Netherlands-based Waterland Private Equity Investments over a possible takeover.

Energy services firm Hunting sank 14.5 percent as it lowered its annual core profit forecast after delays to a major Kuwait Oil Company tender process.