FTSE 100 Bucks Economic Woes to Continue Winning Streak
The FTSE 100 continues its winning streak, buoyed by positive corporate updates and investor optimism in the Bank of England's policy path. Despite economic concerns, the index rose 0.2% on Friday and gained 0.6% for the week. Noteworthy movers included Burberry and BP with significant stock movements.
The FTSE 100's winning streak extended to a fourth consecutive week, closing 0.2% higher on Friday. Investors appeared to bypass economic concerns, focusing instead on the Bank of England's policy trajectory and a slew of positive corporate updates. The midcap FTSE 250 index also saw a 0.6% rise.
Earlier this week, the FTSE 100 surged to all-time highs, bolstered by factors such as higher commodity prices and expectations of a Bank of England rate cut. Experts noted the indifference of the stock market to domestic economic troubles including rising unemployment and public financial challenges.
The luxury brand Burberry made waves with its shares climbing 5.5% upon lesser-than-expected declines in retail sales, signaling potential recovery. Simultaneously, energy giant BP rose by 0.7% after selling its U.S. wind business, while pharmaceutical company GSK faced a 4.6% drop following FDA recommendations against its product.
(With inputs from agencies.)
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