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.

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.