By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- The U.K.'s FTSE 100 index posted its
longest winning streak since May on Friday, with resource firms
leading the charge after upbeat data on Chinese growth.
The benchmark index climbed 0.7% to close at 6,622.58, extending
gains into a seventh straight day. On the week, the index gained
2.1%, the biggest weekly percentage advance since early
September.
The gains came as most stock markets globally welcomed
gross-domestic-product data from China, showing the economy grew by
7.8% in the third quarter. The rise was an improvement compared
with the 7.5% growth in the second quarter of the year and the 7.7%
improvement in the first quarter.
Growth is, however, likely to slow in coming quarters, economist
at Nomura said in a note, predicting that GDP will ease to 7.5%
year-over-year growth in the fourth quarter and 6.9% in 2014.
Mining firms, which tend to rise on growth indications from
China, were among biggest advancers in the Friday session. Shares
of Fresnillo PLC added 3.8%, Glencore Xstrata PLC (GLCNF) rose 1.3%
and BHP Billiton PLC (BHP) picked up 1%. Metals prices were
mixed.
Bucking the positive trend among miners, shares of Anglo
American PLC dropped 1.4% after the company released a mixed
production update for the third quarter with copper, diamond and
nickel output up, but iron ore down.
Oil firms further helped lift the London index, tracking oil
prices higher. Shares of Royal Dutch Shell PLC (RDSB) put on 1.1%,
BG Group PLC gained 1% and BP PLC (BP) inched 0.8% higher.
Shares of Prudential PLC advanced 4.1% after Asian rival AIA
Group Ltd. said business value rose to a record during its third
quarter.
Among decliners in London, shares of William Hill PLC dropped
3.2% after J.P. Morgan Cazenove cut the betting firm to underweight
from overweight. The analysts said they see three short-term
headwinds: slow progress in mobile gaming, aggressive competition
through free bets and only longer-term upgrades from the Australian
business.
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