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markets, click LIVE/ or type LIVE/ in a news window)
* Subprime lender Amigo jumps on strong Q1 results
* Just Eat Takeaway slumps on commission caps by NYC
* FTSE 100 up 0.3%, FTSE 250 adds 0.5%
(Updates to close)
By Shashank Nayar and Amal S
Aug 27 (Reuters) - London's FTSE 100 rose on Friday as
heavyweight energy and mining stocks tracked strong commodity
prices, while investors were relieved after Federal Reserve
Chair Jerome Powell signalled the U.S. central bank will remain
patient on bond tapering.
The FTSE 100 ended 0.3% higher with BP, Royal
Dutch Shell, Anglo Amercian and Rio Tinto
being the top boosts. The domestically focussed mid-cap
index added 0.5% to mark its record closing high.
Energy shares, industrial miners
and heathcare stocks have been the
top three performers this week.
"The resources sector provided some support to the UK's
flagship index as mining stocks followed commodity prices higher
on a quiet day for corporate news ahead of the August Bank
Holiday," said Danni Hewson, financial analyst at AJ Bell.
The FTSE 100 has gained 10.5% so far this year, but
continues to underperform its European and U.S. peers as
uncertainties due to a global rise in the more contagious Delta
coronavirus variant, slowing economic growth, and the risks of
central banks paring back support weigh on investor sentiment.
Meanwhile, investors were relived after Powell signalled
that the U.S. central banks will remain patient on stimulus
tapering as it tries to nurse the economy back to full
employment.
"There was no clear announcement of date and pace of
tapering. Clearly this is a slightly dovish news," said Matteo
Cominetta, an economist at Barings Investment Institute.
Among stocks, British subprime lender Amigo jumped
4.2% after it posted a steep rise in first-quarter profit,
although it reiterated there was "material uncertainty" about
its ability to continue as a going concern.
Food delivery company Just Eat Takeaway dropped
7.5% to be the top FTSE 100 loser after the New York City
Council approved legislation to permanently cap commissions
delivery apps can charge restaurants.
(Reporting by Shashank Nayar and Amal S; additional reporting
by Sruthi Shankar in Bengaluru; Editing by Subhranshu Sahu and
Jonathan Oatis)
