FTSE 100 rises, set for best week since May; Rio Tinto weighs

London's FTSE 100 rose on Friday, boosted by heavyweight energy and bank stocks, although losses in Rio Tinto after the miner cut its iron-ore shipments forecast limited gains on the main index. The biggest drag was Rio Tinto Group, which fell 1.3%, after it reduced its 2021 iron ore shipments forecast as a tighter labour market in Western Australia delayed the completion of a new greenfield mine.

London's FTSE 100 rose on Friday, boosted by heavyweight energy and bank stocks, although losses in Rio Tinto after the miner cut its iron-ore shipments forecast limited gains on the main index. The FTSE 100 index advanced 0.4% by 0710 GMT. The commodity-heavy index was set to record its best week since May, with precious and industrial miners being the biggest gainers this week on rising metal prices.

Oil majors BP and Royal Dutch Shell rose 1.4% and 1.2%, respectively, on higher crude prices. Banks gained 1.2% and gave the second-biggest boost to the index, with HSBC Holdings plc adding 1.5% after Barclays and Bank of America raised their price targets on the stock.

The domestically focussed mid-cap index added 0.4%, lifted by travel and leisure stocks. The biggest drag was Rio Tinto Group, which fell 1.3% after it reduced its 2021 iron ore shipments forecast as a tighter labor market in Western Australia delayed the completion of a new greenfield mine.

 

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