The FTSE 100 has edged up 0.1% on Thursday morning, building modestly on the positive momentum seen across European markets this week, after UK economic data came in stronger than expected.
Britain’s economy grew by 0.3% month-on-month in March and 0.6% for the first quarter as a whole, surpassing analyst forecasts and lifting sentiment in London. The upbeat GDP reading provided a tailwind for domestically-focused stocks, helping the index hold ground even as global caution persists.
The FTSE 100 gains were more modest compared to Wednesday’s session, when it closed firmly in the green. Meanwhile, today, Germany’s DAX is up 1.3% and France’s CAC 40 has gained 0.6%, while the UK’s mid-cap FTSE 250 is trading 0.5% higher.
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The biggest riser so far on Thursday is Legal & General, up 5.2% after the company’s CEO, Antonio Simoes, reportedly said to the Financial Times that it was not considering a sale.
National Grid is also a big FTSE 100 riser, surging 2.6% after the energy network giant published its full-year results, reassuring investors about its long-term regulated asset base and investment pipeline.
Elsewhere, Barclays climbed 1.9%, boosted by renewed appetite for UK bank stocks following the GDP beat. Standard Life also rose 1.9%, while British American Tobacco added 1.4% and Reckitt Benckiser gained 0.9%.
On the downside, 3i Group is the biggest faller, plunging over 17% after it launched its first share buyback programme in 21 years, but it also revealed a further slowdown in sales at European discount retailer Action. The company accounts for around two-thirds of the company’s portfolio.
Burberry is down 4.3% after the luxury fashion company reported preliminary full-year results, with revenue down 2%.
Elsewhere, Antofagasta has declined, dropping 1.6%, while Tesco has fallen 1.2% and BP has slid 0.7%, pressured by retreating oil prices.
Despite the muted headline gain, the broader market mood remained cautiously optimistic.
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