FTSE 100 down 0.3, FTSE 250 flat
Britvic surges after rejecting revised offer
United Utilities up after JP Morgan upgrades to overweight
BM down after Morgan Stanley downgrades to underweight

June 21 Reuters London39;s FTSE 100 dipped on Friday after a hot reading of British retail sales data made investors bet that any rate cut would be further delayed, though the benchmark was poised to achieve its first weekly gain in six weeks.

The FTSE 100 was down 0.3 in morning trade, while the midcap FTSE 250 held its ground and was on track to log its first weekly gain in four.

British retail sales volumes rose by 2.9 in May, rebounding sharply from a revised 1.8 decline in April. Economists39; poll had forecast sales volumes would increase by 1.5.

The personal goods sector advanced 1, making it the top performer among FTSE 350 sectors.

Traders, however, remained on the sidelines to await purchasing managers39; index PMI figures due later in the day.

It39;s a summer Friday and everybody39;s busy watching football, so wouldn39;t want to get too much on one morning39;s price move, said Russ Mould, investment director at AJ Bell.

Investor sentiment in Britain is gradually brightening after comments from the Bank of England on Thursday brought an August rate cut into play. Markets are pricing in a 5050 chance for an August cut.

A weaker pound has also been a major tailwind for the boost.

Among individual stocks, United Utilities gained 1.7 after J.P.Morgan upgraded the…