The FTSE 100 Index Closes 0.08% Higher

The FTSE 100 Index gained 8 points or 0.08 percent on Friday to close at 10581 points. Gains were led by National Grid (3.23%), Severn Trent (2.92%) and British American Tobacco (2.69%). Biggest losers were Burberry (-5.80%), Scottish Mortgage (-3.62%) and St. Jamess (-2.97%).

London's FTSE 100 turned slightly higher to close at 10,600 on Friday, faring better than its European counterparts thanks to minimal exposure to the technology sector. Gains in defensive stocks and energy companies offset weakness in personal goods, miners and financials. Utility stocks National Grid (3.3%), Severn Trent (3%), United Utilities (2.4%), and SSE (2.4%), along with tobacco company BAT (2.7%) and Imperial Brands (2.3%), posted solid gains. Shell (2%) and BP (0.7%) also advanced, tracking higher oil prices. Burberry plunged 6.4% to lead losses after second-quarter earnings came in slightly below expectations, while the company warned that the Middle East conflict could hurt future demand. On the political front, Andy Burnham was confirmed as Labour leader and is due to become prime minister on July 20, with investors awaiting his cabinet appointments, including the expected nomination of Home Secretary Shabana Mahmood as chancellor. For the week, the index rose about 1%.

London's FTSE 100 fell 0.1% to 10,560 on Friday afternoon, underperforming earlier gains as a global technology sell-off weighed on European markets. However, the index continued to outperform its regional peers thanks to its relatively limited exposure to technology stocks. Burberry was the biggest decliner, falling 5% after reporting second-quarter earnings slightly below expectations and warning that the conflict in the Middle East was hurting tourist spending. GSK also weighed on the index, with shares down 3.6%. On the political front, Andy Burnham was confirmed as Labour leader and is set to become prime minister on July 20. Investors are now awaiting his cabinet appointments, with Home Secretary Shabana Mahmood widely seen as the frontrunner for Chancellor.