FX.co ★ FTSE 100 Attempts Gains for 2nd Session

On Friday, the FTSE 100 advanced for a second consecutive session, approaching the 9,000 threshold, bolstered by gains in the energy, mining, and retail sectors. BP's shares increased by over 1.5% following its announcement to offload its U.S. onshore wind operations to LS Power, as part of a $20 billion divestment strategy aimed at streamlining operations and focusing on select low-carbon assets. Shell also experienced an uptick of more than 1%, while Rio Tinto saw a rise of over 1% due to increasing iron ore prices. In the retail sector, Burberry's shares jumped by up to 5.8% after a trading update exceeded expectations, showing smaller-than-anticipated sales declines and indicating progress in its turnaround strategy, albeit amidst ongoing challenges in major Asian markets. Conversely, GSK faced a setback with its shares falling more than 6% after its blood cancer treatment, Blenrep, failed to secure the backing of a U.S. FDA advisory committee. Analysts highlighted the potential impact on projected revenue, with the drug playing a crucial role in GSK's growth plans. The FDA's final decision is anticipated by July 23.