The FTSE 100 inched higher on Friday, recording its best weekly showing since mid-March, although oil and gas stocks came under renewed pressure after the UK government's windfall tax plan this week, reports Reuters.
The FTSE 100 (.FTSE) rose 0.3 per cent, with most European markets ending the week higher, taking heart from a Wall Street rally after the Federal Reserve minutes suggested it could pause its rapid rate hikes later this year.
Banks (.FTNMX301010) gained 1.1 per cent, while UK-listed global miners such as Glencore (GLEN.L), Rio Tinto (RIO.L) and Antofagasta (ANTO.L) rose about 1.5 per cent each as copper and iron ore prices were boosted by a weaker dollar.
However, oil majors such as BP (BP.L) and Shell (SHEL.L) slipped about 2 per cent after Britain announced a 25 per cent windfall tax on oil and gas producers' profits on Thursday.
UK equities record best week since mid-March
FE Team | Published: May 29, 2022 23:57:20
UK equities record best week since mid-March
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