By Patrick Munnelly, Market Strategist, Tickmill
On Friday, the UK’s FTSE 100 traded fairly flat, seeing a slight decline of 0.59% by the close.
The index saw gains in energy sector shares due to rising crude oil prices, which helped offset concerns about the future path of U.S. interest rates.
Global equities faced pressure following Thursday’s release of U.S. consumer price data, which exceeded expectations, reinforcing the argument for the Federal Reserve to implement further monetary policy tightening.
Despite the day’s lacklustre performance, the FTSE 100 was poised to record its most substantial weekly gains in four weeks.
FTSE 100 biggest movers
Shares of major oil companies Shell LON:SHEL and BP LON:BP. saw increases of 1.53% and 2.16%, respectively, in line with the upward trajectory of crude oil prices. However, the standout performers on the day within the blue-chip index were Fresnillo LON:FRES, with a 4.39% increase, and Endeavour Mining [LON:EDV], which rose by 4.54%, benefiting from the uptick in precious metal prices.
On the negative side of the ledger, shares of the British asset manager St James’s Place [LON:SJT] plunged by 21%, making it the top percentage loser on the FTSE 100 index. The decline followed reports of regulatory pressure on the company to revamp its fee structures to ensure compliance with the UK’s new consumer duty. St James’s Place acknowledged the recent media speculation and stated that it would continue to build upon the work it had undertaken for consumer duty. This work included evaluating its fees and charging models.
Year-to-date, the stock has experienced a 25% decline as of the last closing.
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