FTSE 100 Rallies As Economy Returns To Growth
(RTTNews) - U.K. stocks rose sharply on Thursday after data showed the U.K. economy recovered in August driven by the service sector rebound.
Gross domestic product grew 0.2 percent in August from July, when the economy contracted by revised 0.6 percent, the Office for National Statistics reported - matching expectations.
On a yearly basis, monthly GDP advanced 0.5 percent, in line with estimate. This was faster than the 0.3 percent growth registered in July.
Meanwhile, industrial production fell 0.7 percent, reversing a 1.1 percent drop in July. Likewise, manufacturing was down 0.8 percent, following July's 1.2 percent decline.
The benchmark FTSE 100 was up 65 points, or 0.9 percent, at 7,685 after closing 0.1 percent lower on Wednesday.
Restaurant Group shares soared 37 percent. The company will go private after agreeing a bid from Apollo Global Management.
EasyJet tumbled 4.5 percent despite the budget airline posting record fourth-quarter profit.
ITV rose about 1 percent after confirming it had received a case initiation from the CMA over possible breaches of antitrust laws.
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