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UK domestic stocks hit by record UK economic contraction in 2020
StockMarketWire.com
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UK domestic-facing stocks were hit by figures that showed the UK economy shrank by 9.9% in 2020, the largest annual fall in GDP on record, having taken a hit from Government measures to prevent the spread of Covid-19.
Retailer Next fell 1.6%, banking group Natwest retreated 1.4% and trainers-to-tracksuits seller JD Sports dipped 1.2%.
However, the GDP figures didn't knock the FTSE 100 entirely off course as approximately three quarters of its constituents earn their money outside of the UK. The FTSE only dipped slightly, trading 0.5% lower at 6,493 as of 8.50am.
The Office for National Statistics estimated that UK GDP actually grew in the fourth quarter of 2020 by 1% due to increases in services, construction and production output.
Airline Jet2 raised £422 million by issuing new shares at a 9% discount to last night's closing price to help see it through the crisis. The company said the fundraise was 'significantly oversubscribed'.
Ascential nudged up 0.2% at 368p as the information and analytics company said it had sold its DeHavilland brand for £15 million to Bridgepoint. The sale concluded the disposal of Ascential's built environment and policy segment businesses.
Apax Global Alpha was up 2.1% at 207.35p after announcing the acquisition of a majority stake in Herjavec Group, a managed security services provider and cyber operations company.
The Renewables Infrastructure Group was 0.3% lower at 128.19p on the news that it had acquired Gronhult, a 67.2 MW ready-to-build onshore wind farm located in the southwest of Sweden. The project is expected to become operational in the fourth quarter of 2022.
Vivo Energy climbed 3.7% to 81.1p after the African-focused fuel retailer said it expected full-year adjusted EBITDA to be at the top end of market expectations after the ongoing recovery in its retail segment led to positive trading in the fourth quarter.
Victrex was up 0.1% at £22.7 as the plastics manufacturer announced its first quarter 2021 was 'slightly ahead' of expectations after seeing improvements in some of its end markets including electronics.
provided by StockMarketWire.com
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