FTSE 100 little changed on day, logs strong weekly gains

(Updates after market close) FTSE 100 down 0.04%, FTSE 250 up 0.13% Mining stocks fall after copper prices retreat ONS may delay labour market survey rollout to May 2027 Defence stocks gain amid geopolitical tensions Jan 16 (Reuters) - London’s benchmark stock index was largely unchanged on Friday after a record close the previous day, but it notched up a weekly gain thanks to strong earnings for financials, upbeat data, and strength in resource-linked shares. The blue-chip FTSE 100 (.FTSE) slipped 0.04% to 10,235.29 points, while ending the week with a 0.1% rise. The domestically focused mid-cap index (.FTMC) added 0.13%, closing at a five-week high, and was up 1.2% for the week. On Friday, London-listed miners led losses, with Glencore (GLEN.L) and Rio Tinto (RIO.L) down 2.5% and 1.8%, respectively, pressured by concerns over weakening demand for copper from top consumer China. (MET/L) The index of precious metal miners (.FTNMX551030) was down 1.2%, with Endeavour mining (EDV.L) down 2.6%, becoming one of the top losers on the blue-chip index. Nevertheless, resource-linked stocks were among the biggest contributors to the week’s rally, as geopolitical uncertainty boosted demand for gold, while supply concerns supported copper and other metals earlier in the week. An index for investment banking and brokerage services (.FTNMX302020) rallied 5.3% this week, powered by strong earning updates from money managers such as Ashmore Group (ASHM.L) and Schroders (SDR.L) . Meanwhile, stronger growth in the British economy also improved investor confidence this week, underscoring the economy’s resilience despite previous concern over the impact of Finance Minister Rachel Reeves’ budget plans. Defence stocks bucked the trend on Friday amid renewed instability around the Russia-Ukraine conflict after President Volodymyr Zelenskiy declared a state of emergency and Britain pledged £20 million in energy aid to Ukraine. Britain’s aerospace and defence index (.FTNMX502010) jumped 1.25%, with BAE Systems (BAES.L) climbing 1.4% and Babcock international group (BAB.L) up 1%.