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FTSE 100 Inches Higher As Retail Sales Top Expectations
(RTTNews) - U.K. stocks rose on Friday, a day after the government announced a new fiscal strategy cantered on tax hikes and spending cuts.
The latest U.K. retail sales figures topped estimates, helping underpin investor sentiment.
U.K. retail sales volumes advanced 0.6 percent on a monthly basis in October, faster than the expected growth of 0.3 percent, data from the Office for National Statistic showed.
The monthly growth reversed the revised 1.5 percent decrease in September, which was affected by the bank holiday for the State Funeral.
Year-on-year, the decline in retail sales slowed to 6.1 percent from 6.8 percent in September.
Separately, survey results from market research group Gfk revealed that consumer confidence improved in November for the second straight month. The corresponding index unexpectedly rose to -44 from -47 in October. The benchmark FTSE 100 was up 38 points, or half a percent, at 7,384 after finishing marginally lower on Thursday.
Miners traded broadly higher even as London copper prices remained on track for a weekly fall on China demand concerns.
Insurance giant Legal & General rallied 3.4 percent after backing its FY22 operating profit view.
Bodycote added 1.4 percent. After reporting strong revenue growth in its third quarter, the heat treatment and thermal processing services specialist said it expects its full-year performance to meet market expectations.
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