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Reuters: UK's FTSE 100 opens higher on boost from energy, defensive stocks

Reuters
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Reuters
Published Jul 21, 2023

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UK's FTSE 100 opened higher on Friday as energy firms gained on rise in crude prices, while defensive stocks advanced after an surprise upside in domestic retail sales cemented bets of more interest rate hikes by the Bank of England.

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The pound perked up after official data showed British retail sales rose more than expected in June.

Defensive sectors such as utilities and personal care, drug and grocery stores gained 0.6% and 0.4%, respectively.

Heavyweight energy stocks added 0.5% as crude prices rose.

The exporter-heavy FTSE 100 is on track to post weekly gains of nearly 3%, as risk appetite flourished this week after data showed domestic inflation easing more than anticipated.

Hargreaves Lansdown rose 2.5% after Jefferies upgraded the investment platform's rating to "buy" from "underperform".

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