U.K. stocks advanced on Wednesday ahead of the release of key U.S. inflation data and the Federal Reserve’s interest-rate decision due later in the day.
Meanwhile, the U.K. economy stagnated in April as growth in services output was offset by falls in both production and construction output, the Office for National Statistics said earlier today.
Gross domestic product remained flat on month, as expected, after expanding 0.4 percent in March. In the three months to April, real GDP advanced 0.7 percent from the preceding three months.
Separate data from the ONS showed that the visible trade gap widened to GBP 19.6 billion in April from GBP 13.9 billion a month ago. The expected shortfall was -GBP 14.2 billion.
The benchmark FTSE 100 was up 56 points, or 0.7 percent, at 8,203 after losing 1 percent on Tuesday.
In corporate news, Rentokil shares jumped nearly 12 percent after activist investor Trian Fund Management acquired a substantial stake in the pest-control company.
Legal & General tumbled 3.1 percent as its new chief executive set out plans to restructure the business into three core units.
Landore Resources surged 51 percent after successfully raising £3.683 million through a subscription of new shares.
Market Analysis
FTSE 100 Rises As Economy Stagnates In April
2024-06-12 09:21:47
