By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- Most U.K. stocks moved higher on Friday,
with the benchmark index on track for a 3.9% weekly gain and shares
of SABMiller PLC rising for a second day after a broker
upgrade.
The FTSE 100 index rose 0.6% to 5,826.18, possibly extending
gains into a fifth day.
SABMiller shares picked up 1.3% to £28.39, adding to a
6.4% gain on Thursday when the brewer reported a rise in net
profit. On Friday, Nomura lifted the stock to neutral from reduce,
while Société Générale raised its target price to £29.7
from £28.
Shares of Wm. Morrison Supermarkets PLC dropped 0.8%, as Nomura
downgraded the European supermarkets sector to neutral from
bullish.
The broader sentiment in London was buoyed by
better-than-expected data from Germany, after the Ifo index of
business sentiment rose to 101.4 in November, ahead of economists'
estimates of a 99.5 reading.
Markets also took a cue from the U.S., where stocks opened
higher on Wall Street, after being closed on Thursday for
Thanksgiving.
Among other notable movers in London, oil firms posted gains, as
crude-oil prices added more than $1 to around $88.50 a barrel.
Shares of BP PLC (BP) picked up 0.7%, BG Group PLC gained 0.5% and
Royal Dutch Shell PLC (RDSB) added 0.5%.
Most mining firms were also on the rise, tracking gains for
metals prices. Shares of Antofagasta PLC added 1.1% and Anglo
American PLC shares gained 0.9%.
Shares of Xstrata PLC added 1.7% and Glencore International PLC
(GLCNF) climbed 1.4%, both extending the prior day's gains, when
European Union regulators approved a merger between the two
firms.
Banking shares also added to previous days' gains. Shares of
Barclays PLC (BCS) rose 1%, Lloyds Banking Group PLC (LYG) gained
1% and sector heavyweight HSBC Holdings PLC (HBC) inched 0.6%
higher.
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