U.K. stocks rebounded on Friday, with a weaker pound and gains in the mining sector offering some support.
Travel stocks also gained ground after the government said that from July 19, fully vaccinated U.K. residents and children will no longer have to quarantine on their return to England.
Investors shrugged off data showing the U.K. economy expanded at a slower pace in May despite an easing of COVID-19-related restrictions.
Gross domestic product grew 0.8 percent month-on-month in May, but slower than the revised 2 percent growth posted in April and the economists’ forecast of +1.5 percent. Nonetheless, GDP rose for the fourth straight month.
The benchmark FTSE 100 jumped 64 points, or 0.9 percent, to 7,095 after ending 1.7 percent lower the previous day.
Miners rebounded, with Anglo American, Antofagasta and Glencore all rising more than 2 percent.
Travel-related stocks such as easyJet, Ryanair and British Airways-owner IAG were up around 3 percent.
Aircraft and car parts supplier Senior advanced 1.2 percent after raising its guidance for the financial year.
Victrex, a supplier of high performance polymer solutions, gained 1.4 percent after its third-quarter Group revenue climbed 37 percent from last year.
Luxury goods group Burberry jumped 3.4 percent after Goldman Sachs upgraded the stock to “buy.”
Market Analysis
FTSE 100 Inches Higher As Pound Weakens
2021-07-09 09:29:34
