UK Shares Rise for Second Week as Oil Retreat Spurs Gains in Banks, Miners
Market Overview and Key Movers
Sept 25 (Reuters) - The main UK stock benchmarks rose on Friday and were set for weekly gains, as a retreat in crude oil prices helped lift risk appetite, with banks and mining shares leading the day's gains.
The blue-chip FTSE 100 index rose 0.41% to 10,723.98 points by 0952 GMT, while the midcap FTSE 250 climbed 0.71%, with both indexes on track for a second consecutive weekly gain.
Sector Performance Highlights
Banks and Financials
• Heavyweight banks climbed 1.4%, with HSBC up 1.3%, while Lloyds Banking and Standard Chartered each added around 2%.
Mining Shares
Precious Metals
• Precious metal miners jumped 2.5% as gold and silver prices rose after dropping sharply earlier this week.
Industrial Metals
• Industrial metal miners climbed 1.3% as copper prices nudged higher. Miners Glencore climbed 1.9% and Anglo American gained 1.6%.
Energy Sector
• Oil prices retreated after two sessions of gains, with investors weighing hopes of a US-Iran truce against the risk that stepped-up Houthi attacks on Saudi Arabia could disrupt supply.
• Energy giants Shell lost around 1% and BP shed 3%.
• Reuters reported that BP is weighing a potential acquisition of US-based Devon Energy's operations in South Texas.
Broader Economic Indicators
Bond Yields
• Global government bond yields eased a touch after jumping earlier this week. The British benchmark 10-year gilt yield inched lower to 5.3682% after hitting a more than one-week high earlier this week.
Consumer Confidence
• British consumer confidence unexpectedly struck a more than two-year high this month as households grew more optimistic about their personal finances, according to a survey on Friday, adding to recent signs of resilience in the economy, market research firm GfK said.
Individual Stock Movers
• Among stocks, land and property regeneration company Harworth Group rose 4.9% after Peel Holdings-backed Goodweather Holdings raised its final offer to 187 pence per share
• Oil and gas producer Capricorn Energy gained 12.4% after Genel Energy raised its cash offer for the company to $436 million, topping a rival offer from DNO
(Reporting by Anand Gopal in Bengaluru; Editing by Vijay Kishore)
