FX.co ★ FTSE Advances for 4th Week

On Friday, the FTSE 100 experienced its second consecutive day of gains, coming close to the 9,000 milestone, and marking its fourth straight weekly rise. The upward movement was propelled by energy stocks, highlighted by BP's 0.8% increase following its announcement to sell its US onshore wind operations to LS Power. This transaction is part of BP's $20 billion strategy to divest and concentrate on key low-carbon investments. Similarly, Shell saw a 0.7% uptick. The mining sector also saw significant gains as iron ore prices surged, with Antofagasta increasing more than 2.5%, Anglo American up 1.7%, and Rio Tinto advancing over 1%. In the retail sector, Burberry surged by as much as 5.8% after revealing a less severe sales decline than anticipated, signaling potential early progress in its turnaround efforts despite challenges in Asia. Conversely, GSK's shares declined by over 4% due to its cancer drug Blenrep failing to secure endorsement from a US FDA advisory panel, threatening potential revenue streams in the billions. Blenrep is considered pivotal to GSK’s growth strategy, and the FDA's final decision is expected by July 23.