The FTSE 100 is up 0.2% on Friday morning, putting the index on track for a weekly gain of 1.9%. European markets are also broadly higher, with the FTSE 250 up 0.4%, Germany’s DAX gaining 0.5% and France’s CAC 40 edging up 0.2%.
Ongoing uncertainty over the reopening of the Strait of Hormuz has kept oil prices elevated, continuing to weigh on sentiment.
ConvaTec Group leads the FTSE 100 risers, up 3.5%, followed by Burberry at +2.4% and Kingfisher, which has gained 2%.
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On the downside, Metlen Energy & Metals is the biggest faller, dropping 2.8%, with Compass Group off 2.3% and Melrose Industries down 1.4%. Rolls-Royce is also trading lower, falling 1.1%.
Outside the FTSE 100, online electricals retailer AO World has issued an upbeat trading update, saying full-year adjusted profits are expected to come in at the top end of its guidance range of £45 million to £50 million.
The company, which is due to report full results on 17 June, posted revenue growth of 11% for the year to 31 March.
Markets are also looking ahead to the release of US inflation figures for March later today, with investors hoping the data can provide some clarity on the outlook for Federal Reserve interest rate policy.
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