The FTSE 100 was gaining momentum on Friday as the index benefitted from improving sentiment in global equities.
The FTSE 100 was 0.55% higher at the time of writing while the S&P crept 0.2% higher after a strong session overnight.
Global equities began a move to the upside yesterday as interest rate markets priced in a pause in US rate hikes.
“The markets continue in a holding pattern with the FTSE 100 stuck in a tight range between 7,700 and 7,800 as investors await key economic data which could set equities on a path up or down,” said AJ Bell investment director Russ Mould.
“Today was a positive day for UK stocks despite warnings overnight from a Federal Reserve official that the end to the rate-hiking cycle might not come as soon as Wall Street hopes.
“Investors will be hunting for clues on the direction of monetary policy from Fed chair Jerome Powell when he addresses a conference in Washington later on Friday.”
The fallout from Powell’s speech may have ramifications for the start of European trade on Monday.
FTSE 100 movers
The top movers were driven by mean reversion on Friday as stocks with sharp swings yesterday moved to cover a degree of their fluctuations.
BT was the FTSE 100’s top riser a day after sinking following the release of their final results. BT shares were 3% higher at the of writing.
Conversely, JD Sports, down over 6%, was the top faller after gaining on the back of results yesterday.
However, Burberry suffered another day of selling after warning they would face unfavourable economic conditions for the rest of the year. Burberry was another 3.8% weaker at the time of writing.