FTSE 100 Declines After GDP Data
2024-09-26
4092
(fxcue news) - U.K. stocks fell on Monday after official data showed the U.K. economy grew at a slower-than-estimated pace in the second quarter on weaker industrial and construction sectors.
Gross domestic product advanced 0.5 percent from the first quarter, revised down from the first estimate of 0.6 percent, figures from the Office for National Statistics revealed.
On the positive side, Nationwide's House Price Index data has found that U.K. house prices returned to growth in September, with the corresponding index rising by 3.2 percent year-on-year.
The benchmark FTSE 100 was down 45 points, or half a percent, at 8,275 after adding 0.4 percent on Friday.
Energy giant BP Plc and peer Shell were seeing modest gains as oil prices rose on fears of escalation of the conflict in the Middle East.
Private equity and venture capital firm 3i Group fell 2.4 percent after short-seller Shadowfall Capital reportedly took a multimillion-pound short position against the company.
Telecom major Vodafone Group was marginally lower after issuing an update on the sale of its Italian operations to Swisscom AG.
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