- FTSE 100 up 0.3%, FTSE 250 down 0.1%
- UK economy stagnated in July, GDP data shows
- Ocado falls as Kroger signals rethink on automated facilities
Sept 12 (Reuters) - London shares were mixed on Friday but were set for weekly gains as markets priced in the likelihood of an interest rate cut by the U.S. Federal Reserve next week, while investors also assessed key domestic economic data.
The blue-chip FTSE 100 advanced 0.3% by 0935 GMT, and was set for its second straight weekly gain. The domestically focussed mid-cap index edged down 0.1% but was also on track for a weekly rise
Precious metal miners advanced 2.5%, tracking higher gold prices. Fresnillo rose 2.8%, Endeavour Mining up 1.7% and Hochschild Mining added 4.8%.
Industrial miners also advanced, tracking higher copper prices. Anglo American rose 2.1%, Glencore added 3.7%, while Antofagasta advanced 2.5% and Rio Tinto rose 1.7%.
Aerospace and defence sector hit a fresh record high, last up 1.1%, and was set for its largest weekly rise in over six months. BAE Systems rose 1.4% and Avon added 1.9%.
Hopes of an imminent interest rate cut by the U.S. Fed, a surge in gold prices and a rally in the defence sector have provided some support to the FTSE 100 this week.
Utility stocks such as United Utilities, National Grid and Severn Trent also advanced in the session.
Meanwhile, personal goods stocks declined 3.2%, with Burberry falling 3.7%.
Healthcare stocks edged down 0.2%, with animal genetics firm Genus falling 1.5%.
Retail stocks lost 0.4%, with JD Sports Fashion falling 2.2% to the bottom of the benchmark index.
In other moves, online supermarket and tech firm Ocado fell 11.6% to the bottom of the mid-cap index, after its U.S. grocery partner Kroger flagged it will review its warehouse investments.
On the data front, Britain's economy recorded no growth in July after a sharp drop in factory output, matching expectations for a slower start to the second half of 2025, but still disappointing for the government ahead of November's budget.
Reporting by Sukriti Gupta; Editing by Vijay Kishore
Source: Reuters