London stocks gain on upbeat retail sales, oil boost
London shares rose on Friday as a sharp rebound in retail sales in May bolstered hopes of a swift economic recovery from a pandemic-driven slump, while energy shares tracked a gain in oil prices.
- Country:
- United Kingdom
London shares rose on Friday as a sharp rebound in retail sales in May bolstered hopes of a swift economic recovery from a pandemic-driven slump, while energy shares tracked a gain in oil prices. The FTSE 100 was up 0.5% and on course to rise for the fourth week in five as optimism around the revival in business activity overshadowed concerns of further lockdowns following a surge in infections in the United States and China.
Data on Friday showed retail sales volumes in May surged by a record 12% amid an easing in the nationwide shutdown imposed to contain the spread of the novel coronavirus. The mid-cap FTSE 250 added 0.2%, with auto , banking and food and beverage stocks leading gains.
BP Plc and Royal Dutch Shell Plc were among the biggest boosts to the FTSE 100 as oil prices rose on a pledge by OPEC and allies to meet their supply cut commitments.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
ALSO READ
UBS weighs Credit Suisse China stake swap with Beijing government, Bloomberg News reports
UBS weighs Credit Suisse China stake swap with Beijing government, Bloomberg News reports
Janet Yellen addresses wide range of issues during trip to China, including TikTok scrutiny
Janet Yellen's Culinary Adventures in China Captivate the Internet
Russia, China to maintain fight against terrorism, Lavrov says