(ShareCast News) - Resources stocks ticked higher on Friday, ensuring headline London indices ended the week in positive territory.
At the close of proceedings, the FTSE 100 ended 1.13% or 68.97 points higher at 6199.43, and the FTSE 250 ended 1.11% or 185.55 points higher at 16,931.19. Oil futures rounded off the week on positive turf, with Brent and WTI futures posting gains for much of the European session.

Focus shifted back to market fundamentals, after the International Energy Agency noted that US oil production fell last week by about 25,000 barrels per day to just over 9m bpd, down from a peak of 9.6m bpd in April, soothing concerns about a supply glut.

Furthermore, Saudi-Russian attempts at freezing production in February, and Saudi Arabia's subsequent comments that it would work with other producers to limit oil market volatility also boosted confidence.

At 1720 GMT, the Brent front month futures contract was up 4.02% or $1.49 to $38.56 per barrel, while the WTI rose 3.47% or $1.20 to $35.77 per barrel. Away from oil markets, precious metals stayed on positive turf. The COMEX front-month gold futures contract was up 0.84% or $10.60 at $1,268.80 an ounce, while spot gold was up 0.49% or $6.23 to $1,270.48 an ounce.

COMEX silver rose 3.59% or 54 cents to $15.69 an ounce, while spot platinum also rose 3.80% or $36.08 to $985.13 an ounce.

Headline base metal futures were largely higher across the London Metal Exchange board. At 1635 GMT, three-month futures contracts of nickel (+3.6%), lead (+1.2%), tin (+3.4%), zinc (+0.5%) and copper (+2.6%) headed upwards, with the latter capping the psychological $5,000/t level. As copper breached $5,000 and up to $5,059 circuit breakers were triggered.

Invariably, the biggest five risers on the FTSE 100 were Glencore (+11.89%), Anglo American (+11.07%), BHP Billiton (+9.12%), Antofagasta (+7.73%) and Rio Tinto (+5.86%). Midcap gainers were also included several resource sector stocks with Evraz (+20.14%), Tullow Oil (+11.64%) and Acacia Mining (+8.48%).

Additionally, Amec Foster Wheeler (+12.25%) shares surged after the oilfield services firm said it had secured a seven-year contract with the US Air Force.

Away from resource sector stocks, shares in the London Stock Exchange declined despite the company reporting strong underlying growth in the full year as it hinted at a merger with Deutsche Boerse amid talks with the company.

EasyJet flew higher after reporting a rise in passenger numbers in February. It carried 4.93m passengers last month, up 9.8% from February 2015. Finally, BBA Aviation advanced as Investec retained its 'buy' rating on the stock and increased its target price to 235p from 225p.

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