FTSE 100 Rises Led By Energy Stocks
(RTTNews) - U.K. stocks rallied on Friday, with energy and defensive stocks leading the surge.
The benchmark FTSE 100 jumped 82 points, or 1.2 percent, to 7,122 after closing 1.6 percent lower on Thursday.
The British pound moved sideways, given growing concerns about an economic slowdown and domestic political uncertainty.
Defensive stocks were in demand, with British American Tobacco climbing more than 3 percent amid recession fears.
Oil & gas firm BP Plc rose 2.8 percent and Shell added 2.5 percent despite sluggish growth data from China.
Luxury brand Burberry slumped 6.4 percent after it reported sales growth of just 1 percent in its latest financial quarter.
Miner Rio Tinto lost 2.6 percent after it warned of considerable headwinds impacting its underlying earnings in the second half.
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