FTSE 100 Holds Steady After Strong Retail Sales Data
(RTTNews) - U.K. stocks were marginally higher on Friday after official data showed U.K. retail sales grew more than expected in June.
Retail sales advanced 0.7 percent month-on-month in June, faster than the 0.1 percent rise in May. This was also faster than economists' forecast of 0.2 percent.
On a yearly basis, retail sales posted a decline of 1.0 percent after a 2.3 percent fall in May. Economists had forecast an annual fall of 1.5 percent.
Separate data showed the U.K. budget deficit narrowed in June but remained the third highest for the month since records began in 1993.
Public sector net borrowing excluding public sector banks decreased by GBP 0.4 billion to GBP 18.5 billion in June. However, this was the third-largest June borrowing since records began in 1993. The expected level was GBP 22.0 billion.
The benchmark FTSE 100 was up 3 points at 7,649 after closing 0.8 percent higher on Thursday.
Commodity trader Glencore dropped 0.8 percent despite delivering a solid first-half production performance.
Shares of Close Brothers fell about 1 percent. The financial services company has issued its scheduled pre-close trading update ahead of its 2023 financial year end.
Energy stocks such as BP Plc and Shell rose about 0.7 percent each as oil prices crept up amid hopes for new China stimulus and signs of falling inventories in the U.S.
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