(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
* FTSE marks fourth consecutive weekly gain
* UK economy in good shape before Omicron hit
* B&M falls on share sale plan
* FTSE 100 down 0.3%, FTSE 250 off 0.9%
(Updates to close)
By Sruthi Shankar
Jan 14 (Reuters) - UK shares slid on Friday, reflecting the
weaker mood in global markets over fears about faster U.S. rate
hikes, although data pointing to a much stronger-than-expected
economic recovery in November helped limit losses.
The blue-chip FTSE 100 slipped 0.3%, tracking global
equities as investors considered imminent U.S. interest rate
hikes and the uncertainty of their impact on the economy.
Still, the FTSE 100 recorded a fourth consecutive weekly
gain, with energy stocks outpacing other sectors as crude prices
were boosted by supply constraints and a weaker dollar.
Data showed Britain's economy grew by a much
stronger-than-expected 0.9% in November, finally taking it above
its size just before the country went into its first COVID-19
lockdown.
"The figures show the economy was in good shape during
November though the surge of Omicron during December and January
is likely to put downward pressure on the figures over the next
couple of months," said Dan Boardman-Weston, chief investment
officer at BRI Wealth Management.
"The Bank of England will continue to face pressure to raise
interest rates further if the economy continues to be so
strong."
The FTSE midcap index slipped 0.9% and posted its
worst weekly decline since November, with homebuilders turning
into a weak spot in recent days following a slew of discounted
stock placements and weak trading updates.
Cineworld shares rose 4.0% as the company's box
office sales recovered in December due to the success of Marvel
superhero film "Spider-Man: No Way Home".
Discount retailer B&M European Value Retail fell
5.3% after its share sale announcement.
Electricals retailer Currys fell 6.9% as it trimmed
its full-year profit guidance after what it called a
"challenging" technology market at Christmas.
(Reporting by Sruthi Shankar and Amal S in Bengaluru; Editing
by Subhranshu Sahu and Alison Williams)
