FTSE 100 Gains On Economic Optimism
2024-08-08
3637
(fxcue news) - U.K. stocks edged higher on Wednesday after revised official data showed Britain's economy grew more strongly than previously thought in 2022.
GDP jumped 4.8 percent in 2022, instead of the 4.3 percent previously estimated, the Office for National Statistics said in its annual revisions of historical data stretching back to 1997.
Also, separate data released by Halifax showed U.K. house prices increased by +0.8 percent on a monthly basis in July, following three relatively flat months.
The benchmark FTSE 100 was up 63 points, or 0.8 percent, at 8,089 after rising 0.2 percent in the previous session.
Coca-Cola HBC, a strategic bottling partner of The Coca-Cola Company, declined 2.5 percent after flagging macroeconomic headwinds in the second half of the year.
Glencore added 2 percent. The miner said it will not spin off its coal business after securing backing from the majority of its investors.
Vodafone rose over 2 percent after commencing its EUR 500 million shares buyback program.
WPP fell more than 2 percent. The communications services provider has agreed to sell its majority stake in FGS Global to KKR at an enterprise valuation of $1.7 billion, generating total cash proceeds to WPP of 604 million pounds after tax.
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