FTSE 100 set for fourth week of gains as Burberry soars

By Ankita Yadav

July 18 (Reuters) - London's main stock indexes rose on Friday, with the blue-chip index hovering near record highs, aided by a slew of positive updates from companies such as Burberry.

The internationally-oriented FTSE 100 .FTSE was up 0.1% as of 1044 GMT, and was on track for a fourth consecutive week of gains, while the midcap FTSE 250 index .FTMC rose 0.5%.

The blue-chip index surged to all-time highs earlier this week as investors shrugged off domestic growth concerns to take comfort in a relatively U.S. tariff-shielded market, higher commodity prices and hopes of a Bank of England rate cut.

"The FTSE 100 continues to prove that the stock market is not the economy, with rising unemployment, a black hole in the public finances, and resurgent inflation pressures doing little to dampen sentiment for the UK's top stock index," said Joshua Mahony, chief market analyst at Scope Markets.

The FTSE 100 has gained about 10% so far this year, beating the pan-European STOXX 600 index .STOXX which is up 8.1%.

Among stocks, Burberry BRBY.L shares jumped 6.5% on Friday to their highest in nearly 17 months after the luxury brand's comparable retail sales fell less than expected. The strong earnings showed early signs of a recovery for the company that has struggled with underperformance.

Heavyweight BP BP.L also gained 2% after the energy major said it had agreed to sell its U.S. onshore wind business, bp Wind Energy, to U.S.-based electricity transmission systems operator LS Power.

On the flip side, GSK GSK.L was the biggest drag on the blue-chip index, dropping 6.1% to a three-month low, after a U.S. FDA advisory panel recommended against approving the pharmaceutical giant's blood cancer drug Blenrep, citing earlier concerns over eye-related side effects.

Reckitt RKT.L rose 0.3% after the consumer goods group said it has sold a majority stake in its Essential Home business to private equity firm Advent International in a deal valued at $4.8 billion, including debt.

($1 = 0.7746 pounds)

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