U.K. Stocks Head for the Fourth Weekly Advance, Boosted By Weak Pound
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.
Buy Stop at 33.55, Take profit 34.50, Stop loss at 33.00