FTSE 100 Gives Up Early Gains On Weak PMI Data
(RTTNews) - U.K. stocks were slightly lower on Monday, giving up early gains after a survey showed the downturn in the U.K. manufacturing sector continued in September albeit at a slower pace.
The seasonally adjusted S&P Global/CIPS manufacturing purchasing managers' index rose slightly to 44.3 from August's 39-month low of 43.0.
The benchmark FTSE 100 was down 16 points, or 0.2 percent, at 7,592 after finishing marginally higher on Friday.
Defense giant BAE Systems advanced 1.5 percent after winning a £4bn submarine contract.
Water company United Utilities rose over 2 percent after reporting trading in line with its expectations for the year ending March 2024 and retaining outlook.
Pennon shares rallied 3 percent. The water and wastewater group said it has traded in line with expectations in its first half ended 30 September.
Melrose rose about 1 percent after staring a GBP500 million share buyback program.
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