FTSE 100 Climbs Higher On GDP Data, Gains In Mining Sector

(RTTNews) - U.K. stocks are modestly higher Thursday morning, supported by data showing an expansion in the nation's GDP growth in the month of November, and gains in the mining sector following a rise in metal prices.

The benchmark FTSE 100 advanced to 8,373.04, gaining 72.15 points or 0.87%.

Data from the Office for National Statistics revealed that the UK economy expanded slightly in November after two consecutive contractions. The data said the nation's gross domestic product grew 0.1% on a monthly basis in November, following an unrevised fall of 0.1% in October. GDP was expected to grow 0.2%.

Data showed that the services sector was the largest contributor to the growth with output rising 0.1%. This follows a 0.1% fall in October.

The decline in industrial production softened to 0.4% from 0.6%. Within in this, manufacturing was down 0.3% on month compared to a 0.6% decline in October.

In November, GDP was estimated to be 1% higher than in November 2023. The actual growth was weaker than economists' forecast of 1.3%. In three months to November, real GDP registered no growth in the three months to November from previous three months.

Another report from the ONS showed that the visible trade gap was largely unchanged in November, coming in at GBP 19.31 billion compared to a GBP 19.33 billion shortfall in October.

RightMove shares are up nearly 5%. Fresnillo, Antofagasta and LondonMetric Property are gaining about 4%. Endeavour Mining, Experian, Rolls-Royce Holdings, Beazley, Glencore and Entain are climbing 2 to 3%.

Rio Tinto, Prudential, BAE Systems, DCC, Weir Group Holdings, Anglo American Plc, Smith & Nephew, IMI, Diageo, GSK, 3i, Auto Trader Group, HSBC Holdings, Halma, Hikma Pharmaceuticals and AstraZeneca are up 1.5 to 1%.

Taylor Wimpey is down more than 4.5%. EasyJet is lower by about 3%, while JD Sports Fashion, Pearson, Associated British Foods, Whitbread, BT and Marks & Spencer are down 1 to 2.5%.