Jan 16 (Reuters) - London's benchmark index traded cautiously on Friday after notching a record closing high in the previous session, as falling metal prices weighed on mining stocks and offset gains
FTSE 100 little changed on day, logs strong weekly gains
FTSE 100 Performance Overview
Jan 16 (Reuters) - London's benchmark stock index was largely unchanged on Friday after a record close the previous day, but it notched up a weekly gain thanks to strong earnings for financials, upbeat data, and strength in resource-linked shares.
Market Movements and Sector Performance
The blue‑chip FTSE 100 slipped 0.04% to 10,235.29 points, while ending the week with a 0.1% rise. The domestically focused mid‑cap index added 0.13%, closing at a five‑week high, and was up 1.2% for the week.
Economic Factors Influencing the Index
On Friday, London-listed miners led losses, with Glencore and Rio Tinto down 2.5% and 1.8%, respectively, pressured by concerns over weakening demand for copper from top consumer China. [MET/L]
Defence Stocks and Geopolitical Impact
The index of precious metal miners was down 1.2%, with Endeavour mining down 2.6%, becoming one of the top losers on the blue-chip index.
Nevertheless, resource-linked stocks were among the biggest contributors to the week's rally, as geopolitical uncertainty boosted demand for gold, while supply concerns supported copper and other metals earlier in the week.
An index for investment banking and brokerage services rallied 5.3% this week, powered by strong earning updates from money managers such as Ashmore Group and Schroders.
Meanwhile, stronger growth in the British economy also improved investor confidence this week, underscoring the economy's resilience despite previous concern over the impact of Finance Minister Rachel Reeves' budget plans.
Defence stocks bucked the trend on Friday amid renewed instability around the Russia‑Ukraine conflict after President Volodymyr Zelenskiy declared a state of emergency and Britain pledged £20 million in energy aid to Ukraine.
Britain's aerospace and defence index jumped 1.25%, with BAE Systems climbing 1.4% and Babcock international group up 1%.
(Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Vijay Kishore and Hugh Lawson)
