Weaker pound, mining stocks push blue-chip FTSE 100 higher By Reuters

(Reuters) – London’s FTSE 100 gained on Friday as a weaker pound helped support export-focussed stocks, but was set to end the week lower on signs that the pace of economic recovery could be slower than expected.

The blue-chip FTSE 100 index rose 0.5%, powered by Glencore (LON:GLEN), Rio Tinto (LON:RIO), Unilever (LON:ULVR) and GlaxoSmithKline.

Britain’s economy grew by a slower-than expected 0.8% in May from April, official data showed. A Reuters poll of economists had pointed to month-on-month growth of 1.5% in gross domestic product.

The domestically focussed mid-cap index was up 0.3%.

Among stocks, Vectura Group jumped 12.2% after cigarette maker Philip Morris (NYSE:PM) said it will buy the pharmaceutical company in a deal valuing it at 1.05 billion pounds ($1.44 billion).

British jet and auto parts supplier Senior gained 0.9% after it forecast 2021 performance to be slightly ahead of its previous expectations, encouraged by signs of recovery in the aerospace division.