UK stocks : FTSE 100 index up 0.5 pct

Nov 24 2012, 02:57 IST
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SummaryUK shares posted gains for a fifth straight day on Friday.

the range, the pace of the move will slow, Phil Roberts, chief European technical strategist at Barclays Capital, said.

The gains were broad based, with every sector contributing to the rise in the index. Miners rebounded from early falls to gain 0.3 percent, with Basic Materials adding 2.5 points to the index.

Xstrata and Glencore both rose 0.6 percent, after Xstrata said it had completed the construction of the first production line at its Koniambo project.

The news supported weekly gains in excess of 6.5 percent for both stocks after Glencore's protracted takeover of Xstrata was finally concluded and approved by EU regulators.

While energy and financials added a combined 11 points to the index, sectors perceived as defensive, such as tobacco, drugs and drinks groups, were also among top blue chip performers.

Brewer SABMiller gained 1.2 percent, remaining in demand after strong first-half results on Thursday, as Nomura upgraded its rating for SABMiller to neutral from reduce after raising its target price for the stock. JPMorgan, Deutsche Bank, and Societe Generale also hiked their price targets.

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