FTSE 100 Logs Second Straight Weekly Gain Amid Bank and Miner Gains

The UK's FTSE 100 index closed higher on Friday, marking its second consecutive weekly gain. The blue-chip index rose by 0.14% to 10,695.25 points, while the midcap FTSE 250 climbed 0.44%. Banks and miners led the way for the gains, with heavyweights Barclays and Lloyds Banking Group up around 1.7% and 2.5%, respectively.

Precious metal miners also surged by 2% as gold and silver prices rebounded after a sharp drop earlier in the week. This move helped offset declines in energy shares, which were dragged down by weaker oil prices. Energy giant Shell lost 0.8%, while BP's stock was down 2.3%. The company is reportedly considering a potential acquisition of US-based Devon Energy's operations in South Texas.

A recent survey showed British consumer confidence unexpectedly reaching a two-year high this month, as households grew more optimistic about their personal finances. Bank of England Governor Andrew Bailey highlighted the persistently high energy prices as a challenge for the central bank to keep interest rates on hold.