U.K. stocks were moving higher on Thursday, with banks and energy stocks leading the surge.
Investors shrugged off data showing that the U.K. economy contracted more than initially estimated in the third quarter, due to the downward revisions to industrial and construction output.
The decline in gross domestic product was revised to -0.3 percent from -0.2 percent. The production-side breakdown showed that the marginal growth in services output was offset by declines in industrial production and construction.
The benchmark FTSE 100 rose 37 points, or half a percent, to 7,534 after gaining 1.7 percent on Wednesday.
BP Plc rose half a percent and Shell added 1 percent as oil extended gains for a fourth day running on data showing a larger than expected drop in U.S. crude inventories.
BHP Group edged up slightly. The mining giant has entered into a Scheme Implementation Deed to buy Australia’s OZ Minerals Ltd. for a cash price of A$28.25 per OZL share.
The Character Group, a designer, developer, and distributer of toys, games, and giftware, slumped 5.4 percent after posting a decline in earnings for the full year.
600 Group shares plummeted 26 percent. The industrial laser systems business reported that its first-half Group pre-tax loss was $1.45 million, compared to profit of $72 thousand last year.
Market Analysis
FTSE 100 Gains Led By Banks And Energy Stocks
2022-12-22 09:12:04
