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FTSE 100 heads for fifth day of gains

FTSE 100 heads for fifth day of gains
FILE PHOTO: A broker looks at financial information on computer screens on the IG Index the trading floor in London, Britain February 6, 2018. REUTERS/Simon Dawson -
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(Reuters) – Sharp rises in Shell and BP shares helped Britain’s main stock index gain for the fifth consecutive session on Friday, as signs of a softening in the U.S.-Mexico trade tensions lifted markets globally.

The FTSE 100 index added 0.5% by 0711 GMT, with the FTSE 250 midcap index rising 0.2%, led by iron ore miner Ferrexpo.

All but one sector in the blue chip index was in the positive territory with a rise in global crude prices pushing both oil majors around 1% higher.

After the European Central Bank on Thursday disappointed some with its moves towards policy stimulus, investors will focus on U.S. jobs data expected later in the day for more signs on the scale of potential interest rate cuts in the world’s biggest economy.

Tobacco stocks and consumer giants, considered safer bets at times of macro-economic uncertainties, were also in demand, however, in a sign of the continuing nerves over global growth that have dominated markets since the start of May.

Ferrexpo rose nearly 8% after saying it expected first-half core earnings to rise “materially” on the back of higher pricing, production and sales volumes.

(Reporting by Muvija M in Bengaluru; editing by Patrick Graham)

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