Defensive stocks lead rebound in FTSE 100

UK's FTSE 100 rose on Friday, boosted by gains in defensive stocks at the end of a choppy week, which saw mounting fears around hawkish central banks, weak economic data and rising risks of a recession. The blue-chip index inched up 0.4%, with healthcare stocks that tend to decouple from economic cycles, rising the most.

UK's FTSE 100 rose on Friday, boosted by gains in defensive stocks at the end of a choppy week, which saw mounting fears around hawkish central banks, weak economic data, and rising risks of a recession. The blue-chip index inched up 0.4%, with healthcare stocks that tend to decouple from economic cycles, rising the most. The domestically focussed FTSE 250 was up 0.4%.

The FTSE 100 was set to end the week largely flat, while the mid-cap index was on pace for a weekly loss of 1%. Data showed British retail sales volumes slid by 0.5% in May, showing that consumers cut back on shopping in the face of fast-rising inflation last month, and an increase in sales in April was revised down sharply.

Also, separate data showed consumer confidence in the UK hit a record low this month. Among stocks, Ultra Electronics gained 12.6% after Britain moved forward on approving the acquisition of the defense firm by rival Cobham, after having raised security concerns over the planned transaction.