FTSE 100 Edges Lower As Investors Digest GDP Data

U.K. stocks were slightly lower on Friday as Treasury yields picked up again and official data showed the U.K. economy contracted less than expected in January.

GDP declined 2.9 percent on a monthly basis, reversing an expansion of 1.2 percent in December. However, this was slower than the 4.9 percent contraction economists’ had forecast.

Another government report revealed that the visible trade gap narrowed to GBP 9.82 billion in January from GBP 14.3 billion in December.

The benchmark FTSE 100 slid 0.1 percent to 6,728 after closing 0.2 percent higher the previous day.

Luxury group Burberry surged nearly 9 percent. The company said it has continued to see a strong rebound since December and full-year figures will be ahead of expectations.

Real estate investment trust Hammerson rallied 3.3 percent despite posting a £1.7bn loss for last year.

JD Sports Fashion was moving lower. The retailer of sports, fashion and outdoor brands has entered into a conditional agreement for the acquisition of 60 percent of Marketing Investment Group S.A.

Berkeley Group shares slumped 5.4 percent. In a trading update, the housebuilder said that profits are set to flatline this year, in line with expectations.