U.K. stocks were slightly higher on Thursday after data showed the U.K. economy contracted less than expected in May.
Real GDP decreased 0.1 percent on a monthly basis, reversing April’s 0.2 percent growth. However, this was slower than economists’ forecast of 0.3 percent decline.
On a yearly basis, GDP fell 0.4 percent, in contrast to the 0.5 percent expansion in April.
Separate data showed that the visible trade deficit widened to GBP 18.72 billion in May from GBP 14.64 billion in April.
The benchmark FTSE 100 was up 15 points, or 0.2 percent, at 7,431 after closing 1.8 percent higher on Wednesday.
Housebuilder Barratt Developments slumped over 5 percent after warning of a challenging environment and a further slowdown in demand due to “significant macro-economic headwinds.”
Persimmon and Berkeley Group both fell around 2.4 percent while Taylor Wimpey gave up 3.8 percent.
Kenmare Resources fell more than 2 percent after lowering its full-year production guidance.
Market Analysis
FTSE 100 Slightly Higher After GDP Data
2023-07-13 09:12:53
