UK Stock Market Closes up, Investing.com UK 100 Rises 0.55%

Market Overview

* The UK stock market closed higher on Friday, with the Investing.com UK 100 index gaining 0.55% to close at 7,903.60. * The index was boosted by gains in the mining and energy sectors, as well as a rise in the value of the pound sterling. * The FTSE 100 index also rose on Friday, closing up 0.37% to 7,854.21.

Sector Performance

* The mining sector was the best performer on Friday, with the FTSE 350 Mining index rising 1.99%. * The energy sector also performed well, with the FTSE 350 Oil & Gas index gaining 1.65%. * The financial sector was the worst performer on Friday, with the FTSE 350 Banks index falling 0.59%.

Company News

* BP (LON: BP.) shares rose 2.3% on Friday after the company announced a new deal with the Chinese government to develop a new gas field in the South China Sea. * Rio Tinto (LON: RIO) shares also rose on Friday, gaining 1.9% after the company announced a new deal with the Australian government to develop a new iron ore mine in Western Australia. * HSBC (LON: HSBA) shares fell 0.6% on Friday after the bank announced a new round of job cuts.

Economic News

* The UK economy grew by 0.2% in the first quarter of 2023, according to the Office for National Statistics. * This was in line with expectations, and the economy is now expected to grow by 1.8% in 2023. * The unemployment rate in the UK fell to 3.8% in March, according to the Office for National Statistics. * This was the lowest level since 1974, and is a sign that the UK labor market is continuing to strengthen.

Conclusion

The UK stock market closed higher on Friday, with the Investing.com UK 100 index gaining 0.55%. The index was boosted by gains in the mining and energy sectors, as well as a rise in the value of the pound sterling.