The FTSE 100 advanced 0.8% on Friday, marking a third consecutive session of gains, supported by optimism that the US–Iran conflict may be nearing a resolution and by declining oil prices. Most blue-chip stocks finished higher, with banks and miners leading the rally. HSBC Holdings, Lloyds Banking Group, NatWest and Standard Chartered each rose more than 2%, while Barclays added nearly 3%.
Mining stocks also performed strongly: Rio Tinto gained more than 1%, Anglo American climbed 2.8%, Antofagasta advanced over 4%, and Fresnillo rose more than 2%. By contrast, energy majors were a drag on the index as crude prices fell, with Shell down 2.1% and BP losing 2.6%.
On the macroeconomic front, new data showed the UK economy contracted for the first time in eight months, underscoring the impact of the Iran conflict on activity. GDP declined 0.1% in April following growth in the previous two months, in line with economists’ expectations.
