The FTSE 100 closed the week with a gain of 0.6%, buoyed by a strong rally in copper and precious metals miners on Friday. The blue-chip index finished at 10,816.56, up 0.64% on the day, while the FTSE 250 slipped 0.6% over the week, breaking a six-week winning streak. The AIM All-Share rose 1.1%.
Friday's session saw notable moves in the mining sector. Antofagasta advanced 5.4% on the back of copper and gold strength, while Endeavour Mining climbed 4.1% amid a broader precious-metals bid. These gains helped offset weakness elsewhere, but the divergence between the FTSE 100 and the FTSE 250 underscored a market that is selective rather than broadly risk-on.
Gamma Communications surged 11.6% after confirming early takeover talks with Waterland, a private equity firm. The news lifted sentiment in the mid-cap space, though the overall index still finished lower for the week. On the downside, Hunting dropped 14.5% after cutting its annual core-profit forecast, highlighting ongoing challenges in the energy services sector.
The macro backdrop remains supportive but mixed. July CPI came in at 2.9% year-on-year, with services inflation at 3.4%. The flash services PMI for August printed at 52.8, indicating continued expansion. Government borrowing for July was £1.8 billion, while sterling strengthened to $1.3658, up 0.19% on the day.
Looking ahead, the coming week brings a lighter economic calendar. Tuesday will see Chesnara's half-year results and a Bank of England indexed long-term repo operation. Wednesday features the CBI distributive trades survey, with consensus expecting -24, an improvement from -26. Prudential, Central Asia Metals, and S&U also report on Wednesday. Thursday includes ONS real-time indicators and results from South32, Macfarlane, and PPHE. Friday rounds out the week with the ONS Household Costs Indices for April to June.
Analysts remain cautious about the near-term outlook. The bull case rests on continued services momentum, firmer household confidence, and sustained commodity leadership, which could keep the FTSE 100 supported if metals hold their gains and sterling does not surge further. However, a renewed energy price shock would reinforce inflationary pressures and weigh on gilt prices. A stronger pound also tightens the translation headwind for the FTSE 100's overseas earners.
Key levels to watch include the FTSE 100's recent 52-week high zone near 10,989, the FTSE 250's latest close at 24,719, and the near-term UK CPI threshold of 3.0%. Sterling's movement around $1.366 will also be closely monitored for its impact on exporters.
This weekly dashboard is based on historical closes and does not reflect live quotes. Consensus figures are explicitly labelled and subject to change. No breadth statistic is shown because a reliable exchange-wide figure was not available.
