London’s FTSE 100 edged higher to finish at 10,600 on Friday, outperforming its major European peers thanks in part to its relatively limited exposure to the technology sector. Strength in defensive names and energy stocks helped counter declines in personal goods, mining, and financial shares.
Among utilities, National Grid climbed 3.3%, Severn Trent 3%, United Utilities 2.4%, and SSE 2.4%. Tobacco groups also advanced, with BAT up 2.7% and Imperial Brands 2.3%. Energy majors moved higher in tandem with rising oil prices, as Shell gained 2% and BP added 0.7%.
On the downside, Burberry slumped 6.4% to the bottom of the index after its second-quarter earnings marginally missed forecasts, and the company cautioned that the conflict in the Middle East could weigh on future demand.
In politics, Andy Burnham was confirmed as Labour leader and is set to become prime minister on July 20. Investors are closely watching his cabinet selections, including the widely expected appointment of current Home Secretary Shabana Mahmood as chancellor. For the week as a whole, the FTSE 100 advanced around 1%.
