FTSE 100 Little Changed After GDP Data
2024-10-08
4330
(fxcue news) - U.K. stocks were little changed on Friday as official data showed the U.K. economy returned to growth in August, but the pace of expansion was weaker than in the first half of the year.
The real economy grew 0.2 percent in August after showing nil growth in July and June, the Office for National Statistics said. The rate came in line with expectations.
In the three months to August, real GDP advanced 0.2 percent compared to the three months to May and gained 0.8 percent from the same period last year.
U.K. Chancellor Rachel Reeves said it is welcome news that growth has returned to the economy.
"While change will not happen overnight, we are not wasting any time on delivering on the promise of change," she said.
The benchmark FTSE 100 was marginally lower at 8,229 after finishing marginally lower the previous day.
In corporate news, Saga soared more than 9 percent after an update that it is in exclusive talks with Ageas SA/NV to form a 20-year motor and home insurance partnership and sell its underwriting business.
Likewise, Oxford Metrics jumped 5.5 percent after it announced the strategic acquisition of The Sempre Group Holdings Ltd, a measurement specialist that offers high precision metrology solutions.
Recruiter Hays rallied 2.1 percent despite forecasting fall in first-half operating profit from the previous six-month period.
Energy giant BP was half a percent lower after releasing its third quarter 2024 trading statement.
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