Mining stocks lift FTSE 100 higher, though UK equities log weekly declines

UK's FTSE 100 gained on Friday, with mining stocks in the lead tracking higher metal prices, while global miner Rio Tinto surged after a brokerage upgrade, reports Reuters.
The blue-chip FTSE 100 rose 0.7 per cent, boosted by a 3.5 per cent jump in London-listed shares of Rio Tinto after Morgan Stanley upgraded its rating to "overweight" from "equal-weight".
Both FTSE indices, however, fell on a weekly basis, with the FTSE 100 down 1.7 per cent and the FTSE 250 off 2.6 per cent over that period.
The broader industrial metals mining sector climbed 2.5 per cent on the day.
Precious metal miners added 1.4 per cent, tracking gold prices higher against a softer dollar as traders assessed the progress of the US debt ceiling negotiations.
A US official said the White House and congressional Republicans were aiming to put the final touches on a deal to raise the US government's $31.4 trillion debt ceiling for two years.
Back home, official data showed British consumers picked up the pace of their spending last month and sales volumes over the three months to April grew by the most since mid-2021, suggesting limited impact from surging inflation.
"There's a lot of caution going around about the UK economy and whether consumer spending can hold up," Chris Beauchamp, chief market analyst at IG Group, said.
"It's come under pressure with people's budgets pressured and revived expectations of higher mortgage rates."
UK homebuilders and retail stocks continued to selloff, falling 0.8 per cent and 0.5 per cent respectively.
The FTSE 250 midcap index lost 0.3 per cent, weighed down by a 11.0 per cent drop in cybersecurity company Darktrace.
AstraZeneca added 1.2 per cent after the drugmaker said a combination of its cancer drugs when added to chemotherapy showed positive results in a late-stage trial in patients with advanced or recurrent endometrial cancer.
Insurer and asset manager M&G added 3.3 per cent after Morgan Stanley raised its price target on the stock.
Tech firm Kin & Carta PLC tumbled 9.0 per cent on slashing annual revenue expectations.