The FTSE 100 Index Opens 0.29% Higher

The FTSE 100 edged higher on Friday, with gains in financial stocks offsetting weakness across the energy, mining, healthcare and consumer sectors. HSBC and Lloyds Banking rose more than 1%, while Barclays, NatWest and Standard Chartered also advanced. Antofagasta traded modestly higher after resuming operations at its Los Pelambres copper mine following a weather-related disruption. Reckitt Benckiser also posted small gains after announcing the sale of its Russian hygiene business to Arnest Management, a deal expected to result in a post-tax loss of about £175 million. Meanwhile, Shell and BP came under pressure as oil prices eased after their recent rally. On the economic front, UK retail sales surprised to the upside, rising 1% in June against expectations of a 0.3% decline. Meanwhile, the S&P Global PMI indicated UK business activity returned to growth, exceeding forecasts. The FTSE 100 remained on track for a weekly gain of around 0.7%.

The FTSE 100 Index is gaining 31 points or 0.29 percent on Friday. Leading the gains are Relx (3.43%), 3i (3.14%) and The Sage Group (2.78%). Top losers are Airtel Africa (-5.79%), Howden Joinery (-1.56%) and Centrica (-1.08%).

The FTSE 100 fell more than 0.5% on Thursday, as Brent extended gains for a fifth straight session to above $100 a barrel. Oil prices rallied after Iran-backed Houthi forces claimed attacks on two oil tankers in the Red Sea, reinforcing supply concerns. Shell and BP rose around 1.7% and 3%, respectively. RELX closed slightly lower, having opened around 2% higher, after reporting first-half operating profit in line with expectations, while reaffirming its full-year guidance. BT fell more than 1% after maintaining its annual outlook despite a slight decline in quarterly profit. Centrica (-10.4%) also reaffirmed guidance after posting stronger-than-expected first-half earnings. Meanwhile, EasyJet said profit fell by 70% in its fiscal third quarter, with its outlook still dependent on fuel prices and remaining summer demand. On the monetary policy front, the ECB kept rates unchanged, as expected.