British Stocks Advance After Pound Crash, Posting Weekly Gainsby
U.K. shares got an additional boost after the pound tumbled to a fresh 31-year low against the dollar.
The FTSE 100 Index climbed 0.6 percent, while almost all other European markets fell on growing speculation that the Federal Reserve will increase borrowing costs this year. The U.K. measure rallied 2.1 percent this week, coming close to reaching a record. It closed 0.8 percent away from the April 2015 peak.
Miners advanced on Friday, with Glencore Plc up 4.3 percent, after Bank of America Corp. recommended buying the shares, saying the industry is under owned. Lenders advanced, with HSBC Holdings Plc closing at its highest price since June 2015. Retailers, real estate companies and housebuilders fell as investors dumped more domestic-oriented stocks.
The FTSE 250 Index of mid-cap companies dropped 0.7 percent, while the FTSE Small Cap excluding investment trusts index gained 0.2 percent. The regional Stoxx Europe 600 Index slid 0.9 percent.