The London equities markets were lower on Friday, but the FTSE 100 gained 1 percent over the week and managed to close out the week above the 6,000 level. The 100 was down 0.3 percent Friday to 6,026.1, while the FTSE 250 also lost 0.3 percent to 9,923.1.
The oil sector saw gains on the day. BP added 1.3 percent to 681½p. Royal Dutch Shell was up 0.5 percent to £19.20. Among mid-caps, JKX Oil & Gas gained 10.4 percent to 352p. The gains came on a UBS upgrade of the sector from “neutral” to “overweight”.
Energy stocks were down, however, again on remarks from UBS. Scottish & Southern Energy lost 2.3 percent to £11.30, while Scottish Power and British Energy were each down 1.7 percent, to 576p and 682p respectively.
Miners gained on soaring metals prices. Kazakhmys added 11.3 percent during the week to £12.00. Antofagasta was up 5.4 percent to £22.35. Rio Tinto gained 4.9 percent to £30.65.
Among banks, Barclays was up 2.2 percent on Friday to 701p on talk that Citigroup, newly freed by the US Federal Reserve of New York to make large deals, might be interested in bidding for the UK bank.
Shire Pharmaceuticals was up 0.5 percent to 876½p after the US Food and Drug Administration approved its Daytrana patch for the treatment of attention deficit disorder.