Supermarket shares drop after downgrade By Sara Sjolin, MarketWatch LONDON (MarketWatch) — Most U.K. stocks moved higher on Friday, with the benchmark index on track for a 3.9% weekly gain and shares of SABMiller PLC rising for a second day after a broker upgrade. The FTSE 100 index UK:UKX +0.62% rose 0.6% to 5,826.18, possibly extending gains into a fifth day. SABMiller shares UK:SAB +1.36% picked up 1.3% to £28.39, adding to a 6.4% gain on Thursday when the brewer reported a rise in net profit. On Friday, Nomura lifted the stock to neutral from reduce, while Société Générale raised its target price to £29.7 from £28. Shares of Wm. Morrison Supermarkets PLC UK:MRW -0.76% dropped 0.8%, as Nomura downgraded the European supermarkets sector to neutral from bullish. The broader sentiment in London was buoyed by better-than-expected data from Germany, after the Ifo index of business sentiment rose to 101.4 in November, ahead of economists’ estimates of a 99.5 reading. See: German Ifo index beats forecasts, rallying euro Markets also took a cue from the U.S., where stocks opened higher on Wall Street, after being closed on Thursday for Thanksgiving. See: U.S. stocks rise on positive global data Among other notable movers in London, oil firms posted gains, as crude-oil prices CLF3 +1.13% added more than $1 to around $88.50 a barrel. Shares of BP PLC UK:BP +0.66% BP +0.90% picked up 0.7%, BG Group PLC UK:BG +0.37% gained 0.5% and Royal Dutch Shell PLC UK:RDSB +0.54% RDS.B +1.19% added 0.5%. See: Oil futures rebound on weaker dollar Most mining firms were also on the rise, tracking gains for metals prices. Shares of Antofagasta PLC UK:ANTO +1.20% added 1.1% and Anglo American PLC shares UK:AAL +1.03% gained 0.9%. See: Gold above $1,730; weak dollar boosts prices Shares of Xstrata PLC UK:XTA +1.68% added 1.7% and Glencore International PLC UK:GLEN +1.42% GLCNF +3.54% climbed 1.4%, both extending the prior day’s gains, when European Union regulators approved a merger between the two firms. Banking shares also added to previous days’ gains. Shares of Barclays PLC UK:BARC +0.93% BCS +2.34% rose 1%, Lloyds Banking Group PLC UK:LLOY +1.06% LYG +1.72% gained 1% and sector heavyweight HSBC Holdings PLC UK:HSBA +0.72% HBC +1.66% HK:5 +0.85% inched 0.6% higher. Sara Sjolin is a MarketWatch reporter based in London. Follow her on Twitter @sarasjolin.

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