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FTSE 100 Rises After GDP Data

U.K. stocks reversed initial losses to edge higher on Monday after a government report showed the U.K. economy expanded at a faster pace in July. GDP grew 0.3 percent month-on-month in July, faster than the 0.1 percent rise in June.

In three months to July, economic growth improved to 0.6 percent from 0.4 percent in three months to June.

However, the Bank of England is still expected to keep interest rates unchanged at its upcoming policy meeting this week.

The benchmark FTSE 100 was up 13 points or 0.18 percent at 7,290 in late opening deals after losing 0.6 percent on Friday.

GlaxoSmithKline was slightly lower. The U.S. FDA has asked for more clinical data about its Nucala drug for use in combatingchronic obstructive pulmonary disease.

BP Plc rose half a percent and Tullow Oil advanced 1.4 percent as oil prices inched up after three straight days of losses.

Associated British Foods dropped 1.5 percent after retaining its full-year outlook.

RPC Group shares soared 21 percent. The plastic packaging maker said it was in early talks about a possible sale of the company.

by RTTNews Staff Writer

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