FTSE 100 Rises As Pound Weakens After GDP Data
(RTTNews) - U.K. stocks rose on Wednesday and the British pound weakened after data showed the U.K. economy contracted in October on widespread declines across services, production and construction sectors.
Gross domestic product unexpectedly shrank 0.3 percent in October, partially offsetting growth of 0.2 percent in September, according to the Office for National Statistics. Analysts expected GDP to remain flat in the month.
On a yearly basis, GDP expanded 0.3 percent but much weaker than the 1.3 percent growth logged in September and economists' forecast of 0.6 percent.
Another report revealed that the visible trade deficit widened to GBP 17.03 billion in October from GBP 14.29 billion a month ago. The expected shortfall was GBP 14.1 billion.
The benchmark FTSE 100 was up 22 points, or 0.30 percent, at 7,565 after ending marginally lower on Tuesday.
Lower oil prices weighed on the energy sector, with BP Plc and Shell falling around half a percent each.
Gambling group Entain rose nearly 4 percent on news its chief executive Jette Nygaard-Andersen is stepping down with immediate effect.
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