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FTSE rises with GDP numbers slightly better than expected
StockMarketWire.com
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Blue chip UK stocks edged higher by lunchtime on Friday despite the UK economy shrinking by the highest amount on record in 2020, as gross domestic product (GDP) numbers beat expectations.
GDP quarter-on-quarter beat expectations at 1% vs 0.5% surveyed, whilst GDP year-on-year highlighted that the UK economy contracted less than expected at -7.8% compared to the consensus of -8.1%.
The UK's benchmark FTSE 100 index gained 0.15% to 6,538.36, while the midcap FTSE 250 index recouped some of its earlier losses but was still down 0.2% to 20,975.02.
In a day of little significant corporate news, airline and package holiday provider Jet2 fell 7.55% to £12 after it 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 0.22% to 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 1.71% to 206.47p 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 0.94% lower at 127.39p 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 4.86% to 82p 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 almost flat at £22.68 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.
Story provided by StockMarketWire.com
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