UK's FTSE 100 up on commodities boost; Beazley jumps

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(Reuters) – UK’s FTSE 100 rose on Friday as oil and mining stocks on the blue-chip benchmark gained, while insurer Beazley jumped on the mid-cap index following a strong annual forecast.

© Reuters/Toby Melville FILE PHOTO: The outside of the London Stock Exchange building is seen in the City of London.

The FTSE 100, up 0.1% as of 0810 GMT, was on track to end the week higher.

Oil majors BP and Shell climbed 1.4% and 0.8%, respectively, while miners added 1.0%, tracking a rebound in commodity prices. [O/R] [MET/L]

Banks fell 0.4% on fears of an economic slowdown, a day after the region’s central bank raised interest rates by a more-than-expected 50 basis points in its first hike in 11 years.

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Data showed retail sales volumes fell by a smaller-than-expected 0.1% in June from May, but the trend remained weak as households struggle with surging inflation.

The domestically focussed mid-cap index was flat in morning trade.

Beazley jumped 10.4% as the insurer raised its full-year profitability forecast on an increase in cyber risk premiums.

BT Group edged up 0.5% as Britain’s competition watchdog approved its deal to combine its sports broadcasting business with Warner Bros Discovery.

(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Vinay Dwivedi)