FTSE 100 Subdued As GDP Figures Revised Down
2024-12-22
1190
(fxcue news) - U.K. stocks were flat to slightly lower on Monday after official data showed the U.K. economy stalled in the third quarter.
Real gross domestic product remained flat in the third quarter, revised down from the 0.1 percent rise estimated initially as the services sector posted nil growth and the moderate expansion in construction was offset by the fall in industrial production, the Office for National Statistics reported. This follows a 0.4 percent expansion seen in the second quarter.
On a yearly basis, real GDP increased 0.9 percent compared to the previous estimate of 1.0 percent.
The benchmark FTSE 100 was down 9 points, or 0.1 percent, at 8,075 after closing 0.3 percent lower on Friday.
AstraZeneca rose about 1 percent after its lung cancer treatment Tagrisso gained EU approval on the back of "powerful results" from a phase III trial.
Aviva was marginally lower while Direct Line Insurance rallied nearly 3 percent. The latter's board has agreed to a £3.7bn takeover from Aviva, after previously rejecting bids from its insurance competitor.
Chesnara, a life and pensions consolidator, fell about 1 percent after announcing that it has reached a second portfolio acquisition deal with Canada Life Ltd., known as Canada Life UK, for a closed portfolio of unit-linked bonds and legacy pension business.
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