FTSE 100 Marginally Higher After Disappointing GDP Data

U.K. stocks traded higher on Friday as data showed Britain’s economy shrank for a second month in October, in a blow to the Labour government’s economic agenda.

GDP declined by 0.1 percent month-on-month, below expectations of 0.1 percent growth.
The weaker-than-expected growth data sent the pound tumbling and spurred bets of speedier rate cuts by the Bank of England next year.

The benchmark FTSE 100 was up 12 points, or 0.1 percent, at 8,323 after rising 0.1 percent the previous day.

Portmeirion Group shares plummeted 15 percent. The retailer of homeware and fragrance products has issued a profit warning, citing challenging and unpredictable market conditions.

Tullow Oil tumbled 5 percent after U.S. oil company Kosmos Energy confirmed that it is in “very preliminary discussions” regarding a possible all-share offer for the London-listed explorer and production company.