Nov 22 (Reuters) – The UK’s FTSE 100 was on course for its biggest weekly gain in more than six months on Friday, as a slide in sterling supported companies earning in dollars, while banks came under pressure from weak business activity data.
The FTSE 100 (.FTSE), rose 1.1% by 1400 GMT, and looked set for a 2.2% weekly rise, its best since May 7.
The pound tumbled 0.5% to $1.25260 per dollar, its weakest since May, after data showed British business output in November shrank for the first time in more than a year, and retail sales also fell by much more than expected in October.
The currency’s decline helped lift shares of UK-listed international firms such as AstraZeneca (AZN.L), Unilever (ULVR.L), and Reckitt Benckiser (RKT.L), which draw a major portion of their revenue overseas.
However, banks including Barclays (BARC.L), HSBC (HSBA.L), and Lloyds Banking Group (LLOY.L), dropped between 0.5% and 3%, weighed down by the gloomy…
