U.K. stocks gave up early gains to turn flat on Tuesday after official data showed the U.K. budget registered its second biggest shortfall on record for the month of April.
The public sector net borrowing, excluding public sector banks, increased to GBP 31.7 billion in April. This was the second highest April borrowing since monthly records began in 1993, and was GBP 15.6 billion less than in April 2020.
The benchmark FTSE 100 was down 5 points at 7,047 after gaining half a percent the previous day.
Shares of guaranteed loan group Amigo Holdings slumped as much as 48 percent after a U.K. court rejected its proposed redress scheme.
Aveva Group shares surged 4.7 percent. The information technology company said its business environment had improved in most of its major markets.
Postal service firm Royal Mail jumped 7.3 percent after Peel Hunt upgraded the stock to “buy” from “hold”.
A stronger pound weighed on exporters, with British American Tobacco, Diageo and Imperial Brands losing around half a percent.
FTSE 100 Gives Up Early Gains
2021-05-25 09:33:59
