UK’s FTSE 100 eyes weekly gain as oil stocks rally outweighs Omicron worries

Author of the article: UK’s FTSE 100 rose on Friday, on course for weekly gains as a jump in commodity-linked stocks helped the blue-chip index shake off gloom around the Omicron variant of the coronavirus. The index rose 0.5% by 0816 GMT. Oil majors BP and Royal Dutch Shell rose 2.8% and 1.8%, respectively, tracking…
UK’s FTSE 100 eyes weekly gain as oil stocks rally outweighs Omicron worries

Author of the article:

UK’s FTSE 100 rose on Friday, on course for weekly gains as a jump in commodity-linked stocks helped the blue-chip index shake off gloom around the Omicron variant of the coronavirus.

The index rose 0.5% by 0816 GMT. Oil majors BP and Royal Dutch Shell rose 2.8% and 1.8%, respectively, tracking firmer crude prices after OPEC+ said it would review supply additions ahead of its next scheduled meeting if the Omicron variant dents demand.

Insurer Prudential rose 2.1% and Legal & General Group inched up after German peer Allianz raised its targets for shareholder returns for 2022-24.

The FTSE 100 is set for a 1.8% weekly gain, recovering some of the losses seen last week when fears around the newly detected coronavirus variant gripped global stock markets.

The domestically focussed mid-cap index advanced 0.6%, with travel stocks among the best performers. For the week so far, the index is up 1.3%.

Home improvement retailer Wickes Group added 9.1% after it raised full-year profit outlook, saying it had continued to trade well in the fourth quarter so far.

Fund supermarket Hargreaves Lansdown added nearly 1% after appointing Amy Stirling as chief financial officer, to replace Philip Johnson. (Reporting by Bansari Mayur Kamdar in Bengaluru; editing by Uttaresh.V)

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
London stocks rise as Barclays, miners lift sentiment
Read More

London stocks rise as Barclays, miners lift sentiment

Author of the article: UK shares rose on Wednesday as strong earnings from Barclays and upbeat performances in mining stocks lifted risk appetite even as investors cautiously assessed the Russian troop movements near Ukraine and the Western sanctions against Moscow. The blue-chip FTSE 100 was up 0.2%, as of 0805 GMT, while the domestically focussed…
Stocks set for weekly drop as rates reality bites
Read More

Stocks set for weekly drop as rates reality bites

Author of the article: SINGAPORE — Stocks headed for a weekly loss on Friday as the prospect of aggressive global rate hikes finally began to rattle investors, while bonds fell and the dollar looked set for its best week in a month. MSCI’s broadest index of Asia-Pacific shares outside Japan was steady in morning trade…