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.
This advertisement has not loaded yet, but your article continues below.
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