FTSE 100 Slightly Lower After GDP Data
(RTTNews) - U.K. stocks were slightly lower on Friday as data showed the economy narrowly avoided falling into a recession in the fourth quarter.
Gross domestic product held steady in the final quarter of 2022, as expected, after shrinking 0.2 percent in the third quarter, according to data released by the Office for National Statistics.
In December, GDP fell 0.5 percent, following a 0.1 percent rise in November. In 2022, GDP grew 4.0 percent, following a 7.6 percent increase in 2021.
Separate data revealed the visible trade deficit narrowed to GBP 45.5 billion in the fourth quarter from GBP 49.5 billion in the third quarter.
The benchmark FTSE 100 was down 16 points, or 0.20 percent, at 7,895 after gaining 0.3 percent the previous day.
GSK dropped 1.4 percent despite its drug Jemperli winning a regular approval from FDA for a form of endometrial cancer.
Bermuda-based insurer Lancashire Holdings tumbled almost 3 percent after it reported loss before tax of $2.8 million for its fiscal 2022.
Online fashion retailer ASOS plunged 5.5 percent after appointing Sean Glithero as interim CFO.
Saga shares jumped 4.5 percent. Responding to recent media coverage, the holiday group confirmed that it is in exclusive discussions with Open Insurance Technologies Pty Ltd regarding a possible sale of Acromas Insurance Co. Ltd.
Standard Chartered lost nearly 5 percent after First Abu Dhabi Bank, the United Arab Emirates' biggest lender, said it was not currently evaluating a buyout offer.
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