FTSE 100 Marginally Lower As Economy Unexpectedly Stagnates
(RTTNews) - U.K. stocks were marginally lower on Wednesday after official data showed the U.K. economy unexpectedly stagnated in July.
Real gross domestic product showed nil growth for the second straight month as falls in production and construction was offset by an increase in services output, the Office for National Statistics reported. GDP was forecast to grow 0.2 percent.
In the three months to July, GDP advanced 0.5 percent with strong contribution from services output.
The benchmark FTSE 100 was down 0.1 percent at 8,196 after falling 0.8 percent on Tuesday.
Energy giant BP Plc rose about 1 percent and Shell added 0.8 percent as oil prices climbed over 1 percent after falling to a 33-month low the previous day on demand concerns.
Online property website Rightmove gained half a percent after rejecting an initial cash and shares bid from Australia's REA Group.
Sustainable energy company Ricardo fell nearly 2 percent despite announcing profitable growth in FY2023/24.
GSK dropped nearly 1 percent. The drug maker said its experimental herpes simplex virus (HSV) vaccine candidate failed to meet the main goal of a mid-stage trial.
Pest-control giant Rentokil Initial plummeted 18 percent after a profit warning.
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