FTSE 100 and 250 adds 0.1 each.
Man Group on top of FTSE 250
Brokerages, banks rise on reforms

Dec 9 Reuters UK39;s bluechip FTSE 100 index edged higher on Friday as financial stocks rose on a government move to overhaul the sector and maintain the City of London as one of the most competitive financial hubs in the world.

The FTSE 100 and the domestically focused FTSE 250 midcap index were up 0.1 each by 1045 GMT, although they are on track to end the week lower.

The investment banking and brokerage services index rose 0.6 and banks 0.2 after Britain set out 30 measures to overhaul the financial sector on Friday, including a repeal of burdensome EU rules the government says will unlock investments.

It39;s all part of the UK trying to find its identity in a postBrexit 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.

Energy stocks fell 1.2 and were the biggest drag on the main index due to subdued crude prices.

There are so many different drivers in the energy market that it39;s being pushed and pulled continuously, Coghlan said.

First there39;s COVID restriction in China, which it has said will be reversed. Then there39;s the Russian oil price cap and adding to all of this there are fears that we39;re heading into a recession. It39;s no surprise that people are struggling to understand the energy market now.

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