By Carla Mozee, MarketWatch
LONDON (MarketWatch) -- U.K. stocks climbed Friday, with gains
for resource shares helping to guide the FTSE 100 toward a weekly
win.
The FTSE 100 rose 0.5% to 6,495.21, on track for a fourth
consecutive rise. Advances for energy and mining stocks helped the
resource-heavy index gird itself from a downturn in the broader
European market.
Among the session's top gainers, Tullow Oil PLC rose 3.4%. The
producer's shares have been among those in the energy space that
have been battered in recent weeks as oil prices have tumbled to
five-year lows below $60 a barrel. WTI and Brent crude-oil futures
improved during Friday's session, but are facing losses of roughly
45% for the year
U.K. oil and gas industry officials are warning that the slide
in oil prices is having a devastating impact, including threatening
jobs, on the North Sea oil industry. It's "nearly impossible to
make money at these prices," the Daily Mail newspaper on Thursday
quoted Robin Allan, chairman of Brindex, an association of
independent explorers, as saying.
Miner Randgold Resources on Friday rose 2.9%, moving into
position to finish with its first weekly rise in four weeks, and
copper miner Antofagasta PLC picked up 2.4%, heading toward its
first weekly win in three.
The FTSE 100 itself was looking at a 3% gain for the week, which
featured "one of the most volatile sessions in many years" on
Tuesday, said Bill McNamara, senior technical analyst at Charles
Stanley, in a note this week.
Shares of Tesco PLC sat at the top of the London benchmark as
they climbed 4.7%. The shares have risen since Tuesday after Kantar
Worldpanel said the supermarket chain over the past three months
logged its best sales performance since June.
WPP PLC shares were 2.2% higher following an upgrade for the
advertising firm to buy from neutral at Citi. Separately, WPP said
Thursday it has purchased Mexico City-based Clarus Digital S ADA de
CV for an undisclosed amount, with the purchase aimed at boosting
WPP's digital-marketing services.
Shares of International Consolidated Airlines Group Ltd. were up
1.8%, a day after the parent of British Airways said its offer to
buy Irish flag carrier Aer Lingus Group PLC was rejected. Aer
Lingus said IAG's proposal fundamentally undervalues its prospects.
Shares of Aer Lingus were 1.3% higher on Friday.
Decliners in London trade included Next PLC , down 1.4% after
Jefferies downgraded the fashion retailer to hold from buy, saying
it believes the company's "competitive advantage is
diminishing."
Also lower, shares of utility SSE PLC were off 1.5% and
financial services firm Old Mutual PLC fell 1.7%.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires