FTSE 100 Dips As Retail Sales Disappoint
(RTTNews) - U.K. stocks traded lower on Friday after official data showed retail sales declined more than expected in April as a result of poor weather.
The retail sales volume dropped 2.3 percent on a monthly basis, following a revised 0.2 percent drop in March, the Office for National Statistics said. Economists had forecast a 0.5 percent drop for April.
On a yearly basis, retail sales decreased 2.7 percent, in contrast to the 0.4 percent increase in March.
The benchmark FTSE 100 was down 31 points, or 0.4 percent, at 8,307 after falling 0.4 percent in the previous session.
GSK edged up slightly after a court in Illinois ruled in favor of the British drugs giant in the first Zantac case to go to trial.
Investment company abrdn was moving lower on news that CEO Stephen Bird will step down after four years in the role.
Intertek Group rose about 2 percent. The company backed its full-year expectations after a strong start to the year with 7 percent growth in like-for-like revenue.
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