Dec 5 (Reuters) – UK shares edged up on Friday, with drugmaker AstraZeneca rising, while investors awaited key U.S. inflation data that could shape the Federal Reserve rate decision next week.
The blue-chip FTSE 100 was up 0.2% by 11:05 GMT, while the midcap FTSE 250 rose 0.4%, and both looked set to end the week little changed.
Britain’s housing market slowed in November in both annual and monthly terms in the run-up to the government’s budget, data from mortgage lender Halifax showed on Friday.
Home builders were up 1.1%.
The investment banking and brokerage services index rose 1.5%. Investment firm 3i Group gained 3.1%, the most in the FTSE 100.
Personal goods shares led sectoral gains, with Watches of Switzerland rising 4% after three brokerages raised their price targets. Burberry and Dr. Martens added 2.8% and 1.3%, respectively.
Chemicals shares gained 1.7%. Specialty chemicals makers Elementis and Victrex rose more than 3% after Jefferies raised price targets for both.
On the flip side, oil & gas shares dragged on the index, down 1.8%, with giants BP and Shell falling 2.4% and 1.5% respectively, tracking a dip in oil prices.
Bank of America Global Research cut BP’s rating to “underperform” from “neutral”.
Among individual stocks, AstraZeneca added 1.3%, snapping a six-day losing streak.
Technology group Ocado climbed 5.3% after it said that it will receive $350 million payout from Kroger after shutting its robotic warehouses.
Bakery chain owner Greggs jumped 5.7% after J.P. Morgan initiated coverage with “overweight”.
Investors globally awaited U.S. personal consumption expenditure data (PCE) – the Fed’s preferred gauge of inflation, ahead of the interest rate decision next week, where markets are pricing in a 25-bps rate cut.
(Reporting by Utkarsh Tushar Hathi from Bengaluru; Editing by Vijay Kishore)
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