FTSE 100 Edges Higher Despite Weak Retail Sales Data
(RTTNews) - U.K. stocks eked out modest gains on Friday as optimism over demand recovery in China boosted mining and energy stocks.
Sentiment was also underpinned after Bank of England Governor said that market expectations of rates peaking at around 4.5 percent is more in line with the central bank's own thinking.
Investors shrugged off data showing that U.K. retail sales unexpectedly declined in December despite the festive season.
The retail sales volume logged a monthly fall of 1.0 percent after easing by a revised 0.5 percent a month ago, data published by the Office for National Statistics revealed Friday.
This was in contrast to economists' forecast for a 0.5 percent increase and marked the second consecutive contraction.
The benchmark FTSE 100 was up 31 points, or 0.40 percent, at 7,780 after declining 1.1 percent on Thursday.
Miners Anglo American, Antofagasta and Glencore all rose about half a percent while oil & gas firm BP Plc climbed 1.2 percent and Shell added 1 percent.
Corporate merchandize firm 4imprint rallied 3.7 percent after its FY profit beat analysts' expectations.
Lender Standard Chartered gained about 1 percent after it has been cleared to set up a wholly-owned securities brokerage unit in China.
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