FTSE 100 Rises 0.9% as Precious Metal Support Boosts Miners

The FTSE 100 closed Friday up 0.9% to 7995 points, outperforming global peers supported by a rally on heavyweight miners and oil-stocks, as investors moved out of overvalued U.S. stocks into undervalued U.K. stocks, IG Senior Market Analyst Axel Rudolph said in a note. The world's largest silver miner Fresnillo shares closed up 7.6%, outperforming the index on the strength of gold and silver, followed by miners Glencore and Anglo American, up 5.1% and 3.7%, respectively. Airlines easyJet and IAG continued the previous day falls, down 4.25% and 3.8%, at the bottom of the table.

COMPANIES NEWS:

Huddled Group Buys Food Circle Supermarket for GBP300,000

Huddled Group said that it has acquired online retailer Food Circle Supermarket for up to 300,000 pounds ($376,560) as part of it strategy to build a portfolio of e-commerce brands.

MARKET TALK:

U.K.'s Economic Outlook Finally Swinging Upward

0702 GMT - The outlook for the U.K. economy is undoubtedly improving, after GDP grew for the second-straight month in February, according to ING developed markets economist James Smith. The PMI for the dominant services sector has been above the breakeven 50 level for five months, while real wage growth has been consistently positive, he says in a note. Meanwhile inflation is set to dip below 2% in the second quarter, and much of the passthrough of past rate hikes will be done by the summer, he says. Growth rates should remain positive throughout 2024 and then gain momentum in the second half, though that won't have much bearing on the timing of the Bank of England's first cut, which will be more determined by services inflation and wage growth, he notes. ([e-mail])

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04-12-24 1214ET