The FTSE 100 was heading into the weekend with a further gain on Friday after what AJ Bell analysts have called a ‘blockbuster’ week.
Softer US inflation data and a continued rally in US tech stocks lifted sentiment and helped the FTSE 100 recover from the worst levels since December 2022.
The FTSE 100 traded 0.3% higher to 7,463 at 13.20pm on Friday. The FTSE 100 touched 7,230 last Friday.
“The FTSE 100 squeezed out another drop of happiness at the end of what’s been a positive trading week for equities. The UK blue chip index rose six points to 7,446, putting it on track to end the week 2.6% higher as US inflation pressures ease, raising the hope that the Federal Reserve is near to the end of its interest rate hike cycle,” said Danni Hewson, head of financial analysis at AJ Bell.
FTSE 100 movers
A 17% rise in reported retail revenue failed to spark interest in Burberry shares on Friday as shares slipped 0.1%.
“Burberry has reported a 19% jump in retail revenue for its first quarter, as the luxury giant proves it’s still very much flavour of the month overall, said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown.
“Underneath the hood, things aren’t quite as rosy as they might appear though. A large reason for the uplift stems from a rebound in demand from Asia and especially mainland China, after restrictions this time last year dented performance. European tourists also helped tow the top line in a big way. This increase helps to mask an 8% drop in the Americas, where a reduction in domestic spending was only partially offset by people spending abroad.”
Spirax-Sarco Engineering was the FTSE 100 top gainer after being upgraded to buy by analysts at UBS. A buy rating for AstraZeneca helped the pharma giant 2% higher. HSBC started Astra as a buy with a 13,250p target.
Croda International was the top faller after Barclays analysts cut their price target to 6,600p. Croda was down 2.2% to 5,678p at the time of writing.
