UK stocks clock weekly gains on US-Iran ceasefire, focus on peace talks
April 10 (Reuters) – The main UK stock indexes recorded weekly gains after an agreement between the United States and Iran on a two-week ceasefire sent global stocks surging earlier this week, with the focus now on peace talks over the weekend.
The blue-chip FTSE 100 index ended flat at 10,600.5 points on the day, clocking its third straight weekly gain. The midcap FTSE 250 climbed 0.7%, recording its second consecutive week of gains.
* Global stocks were sanguine as traders awaited the outcomeof U.S.-Iran peace talks set to be held in Pakistan’s capital,Islamabad, on Saturday. * The Strait of Hormuz remained shut on Friday and Israeltraded fire with Hezbollah in Lebanon, which the United Statesand Iran each described as violations of their ceasefire deal. * Stocks rebounded earlier this week as oil prices slidfollowing the announcement of a two-week ceasefire, raising hopeof a revival in shipping through the strait. * However, the flow of oil from the Gulf remains heavilyrestricted, keeping futures prices near $100 a barrel. * On the data front, U.S. consumer prices increased by themost in nearly four years, though an underlying measure ofinflation that excludes the volatile food and energy componentsrose only moderately last month. * AO World gained 7% after the British electronicsretailer said it expected annual profit at the top end of itsforecast range, after gaining market share across all keycategories in its consumer-focused business. * B&M’s shares fell 4.6% as interim CFO Helen Cowing leftthe British discount retailer after less than five months in thejob, the company said. * Defence contractor BAE Systems shed 3.3%, while airlineWizz Air surged 7.2% after a Bloomberg report said Ukraine’s topnegotiator with Russia saw progress towards a potential peacedeal with Russia.
(Reporting by Sruthi Shankar and Shashwat Chauhan in Bengaluru; Editing by Vijay Kishore and Christina Fincher)
