U.K. Stocks Head for the Fourth Weekly Advance, Boosted By Weak Pound
Feb, 17th 13:35
U.K. stocks gained on Friday on the back of the pound declining following discouraging data on U.K. retail sales. The benchmark FTSE 100 added nearly 0.3%, looking for another weekly advance after paring losses in the morning session.
The British Pound lost almost 0.5% after the January report on U.K. retail sales came under expectation. The report showed retail sales dropped 0.3% on a monthly basis last month while December’s reading was revised downwards to a decline of 2.1%. The headline figure has slid for three months in row, highlighting pressure from a rise in inflation.
Shares in consumer-products giant Unilever PLC topped the market, rising nearly 15% after Kraft-Heinz confirmed merger proposal with Unilever was declined.
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