Rising Energy Stocks Fail to Protect UK Shares from Weekly Decline

UK shares saw an uptick due to rising energy stocks, but this wasn't enough to counteract a weekly decline fueled by Middle East tensions. The FTSE 100 and FTSE 250 both face weekly losses. Personal goods made gains, while aerospace and defence lagged. U.S. nonfarm payrolls report remains a market focus.

Energy stocks continued their upward trajectory on Friday, giving UK shares a marginal lift. This, however, was insufficient to avert a weekly downturn driven by escalating tensions in the Middle East.

The FTSE 100 saw a modest 0.1% rise by 0720 GMT, with the mid-cap FTSE 250 gaining 0.4%. Despite these gains, both indexes are on track for weekly losses of 0.4% and nearly 2%, respectively. Heavyweight oil and gas shares surged by 0.8%, marking their sixth consecutive session of gains as concerns about Middle East tensions affecting supply grew.

The personal goods index topped sectoral gains, rising 2%, while the aerospace and defence index underperformed, dropping by 0.5%. Watches of Switzerland Group saw a 1.9% increase following its acquisition plans for Hodinkee, a luxury watch digital content provider. Meanwhile, all eyes are on the upcoming U.S. nonfarm payrolls report, with the market showing resilience amid strong labour and services sector data.

(With inputs from agencies.)