FTSE 100 heads for fifth consecutive week of gains

The blue-chip FTSE 100 gained 0.9% by 0709 GMT, while the midcap FTSE 250 index rose 0.5%. The FTSE 100 was on course to notch its fifth straight week of gains, with defensive sectors such as pharmaceuticals and utilities boosting markets this week, reflecting concerns among investors about the economic outlook.

Britain's top equity index hit seven-week highs on Friday, with broad-based gains at the end of a volatile week that saw worries about higher U.S. interest rates and the Ukraine conflict rattle investors. The blue-chip FTSE 100 gained 0.9% by 0709 GMT, while the midcap FTSE 250 index rose 0.5%.

The FTSE 100 was on course to notch its fifth straight week of gains, with defensive sectors such as pharmaceuticals and utilities boosting markets this week, reflecting concerns among investors about the economic outlook. Western countries imposed fresh sanctions against Russia over its invasion of Ukraine, while worries about aggressive steps by the U.S. Federal Reserve to tame inflation roiled Wall Street stocks.

Among midcap stocks, Ukraine-focussed miner Ferrexpo jumped 9.4% after it said it was looking at alternative methods to deliver its iron ore pellets to sea-borne markets, as ports in Ukraine remained shut due to Russia's invasion.