FTSE 100 climbs on consumer confidence data; C&C Group tanks

UK's FTSE 100 rose on Friday as data showing domestic consumer confidence at a 15-month high added to optimism surrounding the debt ceiling negotiations in the U.S., although gains were capped after Ireland's C&C Group tanked to a 14-year low. Irish premium drinks maker C&C Group tumbled 16.9% after the company forecast to have a one-off impact on the group's profit in fiscal 2024 as one of the units had faced delays to integrate a business management software.

UK's FTSE 100 rose on Friday as data showing domestic consumer confidence at a 15-month high added to optimism surrounding the debt ceiling negotiations in the U.S., although gains were capped after Ireland's C&C Group tanked to a 14-year low.

Irish premium drinks maker C&C Group tumbled 16.9% after the company forecast to have a one-off impact on the group's profit in fiscal 2024 as one of the units had faced delays to integrate a business management software. The FTSE midcap index was flat. The blue-chip FTSE 100 edged 0.3% higher by 0812 GMT, set to turn positive for the week.

A survey showed May domestic consumer confidence rose to its highest in 15 months as households took a more positive view of the economy and their finances. "Consumers are a bit more confident that we might avoid a recession and are dipping more into their savings," said Susannah Streeter, head of money and markets at Hargreaves Lansdown.

"That's relatively positive for financial markets as it could indicate that the Bank of England's fight to restrain wage growth might be working." Industrial metals miners and energy firms added 1.1% and 1%, respectively, as commodity prices were boosted by signs that a deal on raising the U.S. debt ceiling could be done as early as Sunday.

UK equities have traded within tight limits this week as investors digested a slew of mixed corporate earnings domestically amid broader international caution concerning debt ceiling negotiations in Washington. The FTSE 100 is poised for a weekly gain and the mid-cap FTSE has posted a 0.6% climb so far this week.

Among other movers, Smiths Group Plc rose 0.8% after the industrial group lifted its annual revenue growth forecast for the third time in five months. Shares of Burberry Group Plc tumbled 2.8%, extending losses from Wednesday when the luxury brand maker said it is currently seeing "a challenge" in the Americas.