Even as the economy recovers and concerns about inflation continue, London shares are growing

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Even as the economy recovers and concerns about inflation continue, London shares are growing

The domestically focussed mid-cap index advanced 0.8% but was still set for its sixth straight weekly decline. Oil majors BP and Shell climbed 1.8% and 1%, respectively, tracking a recovery in oil prices as worries over China’s COVID lockdowns slowing global growth offset concerns about dwindling fuel supplies from Russia, the world’s second-largest oil exporter.

Story Highlights

  • Even as investors grappled with fears over stubborn inflation and an economic slowdown, the UK’s FTSE 100 recovered losses on Friday near the conclusion of a turbulent week, led by a bounce in oil and financial sectors. At 0706 GMT, the blue-chip FTSE 100 was up 0.7 percent, mirroring an overnight relief rally on Wall Street that reversed part of its Thursday sell-off. This week, the benchmark index has shed 1.4 percent.

  • Banks gained 1.8%, recouping most of their previous session’s losses. In company news, Sage Group rose 3% as the software company met market estimates and said its margin was expected to trend higher in the second half and beyond.