FTSE 100 Gains As GDP Data Offers Relief
(RTTNews) - U.K. stocks advanced on Friday after data showed the economy grew stronger than expected in the first quarter.
Revised data showed that GDP rose by 0.3 percent between January and March, up from the 0.1 percent growth previously estimated.
GDP growth for 2022 as a whole was revised up to 4.3 percent, while second-quarter growth was unrevised at 0.2 percent.
Investors shrugged off separate data showing that U.K. mortgage approvals fell more than forecast in August as a result of slowing housing market.
The benchmark FTSE 100 was up 60 points, or 0.9 percent, at 7,671 after closing up 0.1 percent on Thursday.
Shares of Aston Martin Lagonda Global Holdings soared 12 percent after an announcement that Yew Tree consortium has agreed to buy an additional 3.27 percent or 26 million common shares in the automobile company.
Water and wastewater services provider Severn Trent rallied 3 percent after it announced a plan to invest about 12.9 billion pounds across the next five-year regulatory period.
Syncona, a healthcare company, climbed 6.4 percent on share buyback news.
3i Infrastructure gained 1 percent after the infrastructure investment group said it is on track to deliver the fiscal year 2024 dividend target of 11.90 pence per share, up 6.7 percent from fiscal year 2023.
Specialist media firm Future surged 21 percent after retaining its annual earnings guidance despite continued macroeconomic volatility.
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