FTSE 100 Climbs After Strong GDP Data
(RTTNews) - U.K. stocks rose notably on Friday and the British pound strengthened against other major currencies after data showed the U.K. economy exited a technical recession in the first quarter, led by a rebound in the services output and household spending.
Data from the Office for National Statistics showed that the U.K. gross domestic product grew 0.6 percent from the fourth quarter, when the economy shrank 0.3 percent. Output had declined 0.1 percent in the third quarter last year.
Economists had expected the first quarter growth to come in at 0.4 percent. GDP rose 0.2 percent year-on-year in the first quarter, beating expectations for stagnation.
The benchmark FTSE 100 was up 61 points, or 0.7 percent, at 8,442 after edging up 0.3 percent on Thursday.
Higher metal and oil prices boosted miners and energy stocks. Anglo American, Antofagasta and Glencore all rose about 2 percent while BP Plc gained 1.2 percent and Shell added 1 percent.
CRH, a provider of building materials solutions, soared 4 percent after reaffirming its full-year guidance.
British Airways owner IAG rose 0.6 percent after Q1 profit beat estimates.
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