FTSE 100 Holds Steady As Economy Rebounds In January
(RTTNews) - U.K. stocks held steady on Wednesday as data showed the U.K. economy grew modestly in January, after falling into a technical recession in the second half of last year.
GDP posted an expansion of 0.2 percent in January, reversing a 0.1 percent fall in December, driven by services and construction output.
The rate came in line with expectations. On a yearly basis, GDP fell 0.3 percent in January as expected.
Separate set of data revealed that the U.K. visible trade deficit widened to GBP 14.5 billion in January from GBP 13.99 billion in December.
The benchmark FTSE 100 was marginally higher at 7,753 after climbing 1 percent on Tuesday.
In corporate news, Advanced Medical Solutions rallied 3 percent after it has agreed to the proposed acquisition of Peters Surgical, a global provider of specialty surgical sutures, mechanical haemostasis, and internal cyanoacrylate devices.
Allianz Technology Trust added about 1 percent after announcing turnaround financial results for fiscal 2023.
Hochschild Mining fell nearly 4 percent after it slipped to a loss in FY23. Balfour Beatty soared 8 percent on share buyback news.
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