Image Source: DepositPhotos

On Friday, the FTSE 100 UK rose almost 1% driven by precious metals miners following an increase in bullion prices, and investors were pleased with data indicating stronger-than-expected growth in the British economy in November. The FTSE 100, the leading stock index, was up by 0.64%at the close of trade for the week. Precious metals miners saw a 1.6% increase, driven by higher gold prices due to global strikes in Yemen raising concerns about escalating Middle East conflict, boosting the appeal of bullion as a safe-haven asset this led to Endeavour Mining sitting at the top of the table with its shares gaining over 3.4% on thesession. Meanwhile, Britain's gross domestic product grew by 0.3% in November, surpassing economists' forecast of 0.2% growth in a Reuters poll, according to figures from the Office for National Statistics on Friday.

On the negative side of the ledger British fashion label Burberry issued its second profit warning in three months. CEO Jonathan Akeroyd announced that the adjusted operating profit for the fiscal year ending in March is expected to be between 410 million pounds and 460 million pounds. This comes after the company previously stated in November that the adjusted operating profit would be at the lower end of analysts' forecasts, ranging from 552 million pounds to 668 million pounds. As a result, Burberry's shares dropped by 7.6% to 1,258 pounds at 1015 GMT, leading to a market capitalisation of 4.5 billion pounds.

Two major UK gambling companies, Flutter and 888, will release their latest financial results next week. Flutter, listed on the FTSE 100, will present its last trading update before its shares start trading in New York, aiming to access funding from the US market. Meanwhile, 888 is fending off potential suitors and will update the market with its full-year results, with analysts expecting revenue of £1.71 billion and adjusted pre-tax profit of £26 million.

FTSE Bias: Bullish Above Bearish below 7600

• Below 7550 opens 7480
• Primary support at 7382
• Primary objective 7827
• 20 Day VWAP bearish 5 Day VWAP bearish

(Click on image to enlarge)

More By This Author:

Daily Market Outlook - Friday, Jan. 12
FTSE A Brief Flash Of Green Before Reversing Into The Red Again
Daily Market Outlook - Thursday, Jan. 11