UK Stock Indexes Gain Fourth Week, Miners Rally, FTSE 100 and 250 Climb
Weekly Performance and Market Drivers
Aug 7 (Reuters) - The main UK indices ended with a fourth consecutive week of gains on Friday, as a rally in precious metal miners helped offset concerns over when the U.S. and Iran would reach a lasting peace deal.
The blue-chip FTSE 100 rose 0.3% to 10,901.09 points, while the midcap FTSE 250 added 0.7% to 24,854.86 points. Both were on track for weekly gains, with the midcap index set for its biggest weekly gain since mid-April.
Sector Highlights
Precious Metals and Mining
• UK-listed shares of Hochschild, Fresnillo and Endeavour Mining rallied in the range of 4% to 6%, as gold prices jumped. [GOL/]
Oil Majors and Energy
• Shares of oil majors Shell and BP fell 1.1% and 0.5%, respectively, as crude prices slipped on signs that Gulf states and Iran were nearing a deal to reopen the Strait of Hormuz under a temporary arrangement intended to pave the way for broader talks to end the Iran war. [O/R]
Macroeconomic Factors
US Economic Data
• The U.S. economy unexpectedly shed jobs last month, casting doubt on a potential September interest-rate hike by the Federal Reserve and lifting broader risk appetite.
UK Housing Market
• The UK housing market slowed in July in both monthly and annual price rise terms due to higher borrowing costs and Iran war uncertainty, mortgage lender Lloyds said.
Bank of England Policy
• Investors were fully pricing in a quarter-point increase in the main UK bank rate in December. The Bank of England kept interest rates on hold last week, flagging that it needed more time to see how much the war would push up inflation.
Notable Stock Movers
Midcap Movers
Oxford Biomedica
• Among midcap stocks, Oxford Biomedica tumbled 14.6% after the cell and gene therapy manufacturer cut its 2026 revenue forecast, citing operational delays at a U.S. site and deferred client orders.
Goodwin
• Goodwin gained 9.8% as the engineering group said it was exploring a potential sale of parts of its mechanical engineering business as it begins a wider strategic review.
(Reporting by Anand Gopal and Sruthi Shankar in Bengaluru; Editing by Harikrishnan Nair and Alexander Smith)
