Plus   Neg

FTSE 100 Rallies As GDP Beats Expectations

U.K. stocks rose sharply on Friday after GDP data topped forecasts.

The economy grew 0.2 percent in November versus 0.1 percent expected growth and 0.1 percent previous.

However, growth slowed to 0.3 percent in the three months through November from 0.4 percent in the period through October, as manufacturing slumped.

The services index stood at 0.3 percent sequentially in November versus 0.1 percent expected, while industrial output fell 0.4 percent, hit by a 0.3 percent fall in factory output.

Investors also closely watched Brexit developments ahead of the House of Commons vote next week.

The benchmark FTSE 100 was up 58 points or 0.83 percent at 7,001 in opening deals after gaining half a percent on Thursday.

Flybe Group plunged as much as 85 percent on a Sky News report that Stobart Group has teamed up with Virgin Atlantic and a New York-based hedge fund to buy the cash-strapped regional airline.

Glencore gained 1 percent despite reportedly losing its exclusive marketing rights for two of Libya's main crude oil export grades.

Grafton Group rallied 2 percent after its Group revenue for 2018 increased 8.7 percent from last year.

Housebuilder Taylor Wimpey climbed 3.5 percent after releasing an upbeat trading statement.

For comments and feedback contact: editorial@rttnews.com

Follow RTT