- Man Group on top of FTSE 250
- Anglo American drops on copper estimate cut
- Brokerages, banks rise on reforms
- FTSE 100 up 0.1%, FTSE 250 adds 0.5%
Dec 9 (Reuters) - UK's blue-chip index edged higher on Friday as financial stocks rose on a government move to overhaul the sector, while investors awaited interest rate decisions from major central banks next week.
Still, both indexes ended the week lower.
The investment banking and brokerage services index (.FTNMX302020) rose 0.7% and banks (.FTNMX301010) gained 0.8% after Britain set out 30 measures to overhaul the financial sector including a repeal of "burdensome" EU rules the government says will unlock investments.
"It's all part of the UK trying to find its identity in a post-Brexit world. The UK has become very worried recently that it would be left out after Amsterdam and France overtook the UK in terms of trading activity," said Giles Coghlan, chief market analyst at HYCM.
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Focus will be on the Bank of England's rate decision next week, with traders expecting the central bank to raise rates by 50 basis points despite fears of a recession.
"Inflation rates are probably peaking, and they will start to calm down, but they may not come down as quickly as people hope...we have to remember it is a very short period since everything seemed chaotic in October," said Andrew Bell, chief executive officer of Witan Investment Trust.
Among single stocks, Man Group (EMG.L) jumped 5.3% after the investment management firm announced a share buyback programme of up to $125 million.
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