By Clare Hutchison, MarketWatch
LONDON (MarketWatch) ? British stocks ended higher on Friday, as gains for oil stocks and Vodafone Group lifted the market and better-than-expected U.S. payrolls data buoyed investor sentiment.
The FTSE 100 /quotes/zigman/3173262 UK:UKX +0.45% ?rose 0.5% to close at 5,649.7.
The benchmark lost 0.8% in the previous session as worries over the health of the banking sector put pressure on European markets.
Dow posts first loss of 2012
Worries about European banks overshadowed better-than-expected domestic labor figures. Photo: Getty Images
The U.S. economy gained 200,000 jobs in December and the unemployment rate fell to 8.5%, according to figures released on Friday. The data beat economists? estimates.
Richard Hunter, head of U.K. equities at Hargreaves Lansdown PLC, said that even though the U.S. data surpassed expectations, some investors may have been hoping for more impressive figures.
?We?ve had something of a tailing off [on the FTSE 100], because there may have been hopes for some fairly blow-out figures,? Hunter said. ?But the market is in roughly the right place, it?s positive, but it?s not off to the races on the basis that there are still a number of problems to sort out [with the European debt crisis].?
Luxury retailer Burberry Group /quotes/zigman/307688 UK:BRBY +3.91% ?rose 3.9% on Friday.
Shares of index heavyweight Vodafone Group PLC /quotes/zigman/421253 UK:VOD +1.24% ? /quotes/zigman/101873/quotes/nls/vod VOD +0.34% ?jumped 1.2%. Goldman Sachs upgraded its rating on the stock from neutral to buy. In a note, Goldman Sachs said the mobile operator could see a total return of 55% over the next two years.
Oil stocks gained ground, with Royal Dutch Shell PLC /quotes/zigman/359915 UK:RDSA +1.49% ?up 1.5%. BG Group PLC /quotes/zigman/249967 UK:BG +1.85% ?added 1.9% and Petrofac Ltd. /quotes/zigman/391992 UK:PFC +3.35% ?gained 3.4%.
Mining firm Vedanta Resources PLC /quotes/zigman/336962 UK:VED +2.08% ?rebounded as media reports said workers at its Zambian mines called an end to their strike. Shares in the firm were up 2.1%.
Pharamaceutical firms advanced on Friday. AstraZeneca PLC /quotes/zigman/244926 UK:AZN +1.10% ?increased by 1.1% and GlaxoSmithKline PLC /quotes/zigman/263563 UK:GSK +1.01% ?gained 1%.
ITV PLC /quotes/zigman/337392 UK:ITV +2.74% climbed 2.7%, after Morgan Stanley raised its rating on the stock from equalweight to overweight. Media firm WPP PLC /quotes/zigman/526756 UK:WPP +3.14% also rose, gaining 3.1%.
In contrast, British Sky Broadcasting Group PLC /quotes/zigman/143786 UK:BSY -1.32% ?fell 1.3%. Morgan Stanley on Friday cut its rating on BSkyB from overweight to equalweight.
Financial-services firms struggled on Friday, as Credit Suisse lowered ratings and cut target prices in the asset-management sector. Man Group PLC /quotes/zigman/487128 UK:EMG -8.37% ?was the index?s biggest decliner, dropping 8.4%. Credit Suisse cut its target price on the stock from ?2.15 ($3.33) to ?1.75 on Friday.
ICAP PLC /quotes/zigman/336708 UK:IAP -2.98% ?fell for a second day, with shares down 3%. Ashmore Group PLC /quotes/zigman/433475 UK:ASHM -2.90% ?lost 2.9%. Credit Suisse downgraded its rating on Ashmore from outperform to neutral on Friday.
Retailers Wm. Morrison Supermarkets PLC /quotes/zigman/155311 UK:MRW -1.49% ?and rival Tesco PLC /quotes/zigman/156634 UK:TSCO -0.76% ?pulled back, shedding 1.5% and 0.8%, respectively. Morrison will deliver its Christmas trading update on Monday.
Real-estate stocks also traded lower. Land Securities Group PLC /quotes/zigman/308575 UK:LAND -2.36% ?fell 2.4% and British Land Co. PLC /quotes/zigman/152699 UK:BLND -1.67% ?slipped 1.7%.
/quotes/zigman/3173262
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/quotes/zigman/307688 Volume: 2.22M
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/quotes/zigman/421253 Volume: 75.84M
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/quotes/zigman/101873/quotes/nls/vod Volume: 6.11M
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/quotes/zigman/359915 Volume: 2.66M
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/quotes/zigman/249967 Volume: 4.75M
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/quotes/zigman/391992 Volume: 1.86M
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/quotes/zigman/336962 Volume: 959,207
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/quotes/zigman/244926 Volume: 2.10M
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/quotes/zigman/263563 Volume: 5.23M
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/quotes/zigman/337392 Volume: 15.02M
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/quotes/zigman/526756 Volume: 11.03M
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/quotes/zigman/143786 Volume: 3.76M
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/quotes/zigman/487128 Volume: 22.83M
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/quotes/zigman/336708 Volume: 2.76M
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Clare Hutchison is a MarketWatch reporter, based in London.
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