April 17 (Reuters) - UK's benchmark stock index FTSE 100 dipped slightly on Friday, weighed down by utilities and mining stocks, and was set to snap a three-week winning streak. Shares of utility
UK stocks end week higher after Iran says Strait of Hormuz is open
Market Overview and Sector Performance
April 17 (Reuters) - UK's main stock indexes posted weekly gains on Friday, as equities rallied after Iran's foreign minister announced that the Strait of Hormuz is open for the remaining period of ceasefire.
U.S. President Donald Trump said he believed a deal to end the Iran war would come "soon". Oil prices plunged below $90 a barrel following the announcement, lifting stocks and government bonds higher.
Major Index Movements
The blue-chip FTSE 100 index closed 0.7% higher at 10,667.63 points, clocking gains for a fourth straight week. The midcap FTSE 250 climbed 1.9%, extending its winning run for three weeks.
Sector Highlights
Travel & Leisure
• Travel & leisure stocks advanced as crude prices dropped; Wizz Air, Carnival gained above 7% and easyJet rose 6%.
Top Gainers and Losers
• Top gainers: Fresnillo climbed 6.4%, while British Airways owner IAG added 6.2%.
• Oil giant BP fell 7.4% and Shell dropped 5.6%, among top losers.
• Precious metal miners rose 5% tracking bullion prices.
Banking Sector
• Bank of England Chief Economist Huw Pill said on Friday that the central bank's main focus should be getting inflation to its 2% target.
• Heavyweight banks advanced 2.3%; Barclays climbed 3.5% , Standard Chartered rose 2.9% and HSBC added 2%.
Utilities and Energy
• The Financial Times reported on Thursday that Finance Minister Rachel Reeves vowed to cut the link between gas and electricity prices, sending the utilities sector down.
• National Grid dropped 1%, Severn Trent fell marginally by 0.6%; SSE and Centrica dipped 6.6% and 5%, respectively.
Defence and Real Estate
• Defence stocks: BAE Systems rose 1.8% and Rolls-Royce gained 4.8%.
• Workspace Group fell 6.2% as the office-space provider said it expects a substantial step down in annual profit.
Reporting Credits
(Reporting by Utkarsh Tushar Hathi in Bengaluru; Editing by Shailesh Kuber and Maju Samuel)
