FTSE 100 Gains After GDP Data

(RTTNews) - U.K. stocks traded higher on Thursday while the British pound edged lower against peers after data showed the U.K. economy contracted in the fourth quarter, as initially estimated.

Gross domestic product fell by unrevised 0.3 percent after a 0.1 percent drop in the third quarter, according to final data from the Office for National Statistics.

The statistical office thus confirmed a technical recession towards the end of 2023. Consequently, the economy grew only 0.1 percent in 2023, much weaker than the 4.3 percent expansion seen in 2022.

Compared with the same quarter a year ago, real GDP declined 0.2 percent in the fourth quarter.

The benchmark FTSE 100 was up 23 points, or 0.3 percent, at 7,954 after finishing marginally higher in the previous session.

JD Sports Fashion jumped 6 percent. The retailer of sports, fashion and outdoor brands said it expects full-year profit before tax and adjusted items to be in line with its outlook of 915 million pounds- 935 million pounds.

Spirent Communications soared 11 percent as the telecommunications firm agreed to Keysight Technologies' offer valuing the firm at 1.16 mln pounds ($1.46 bln).