London’s FTSE 100 edged up on Friday, helped by a weaker pound as export-oriented businesses rose, while slower than expected UK GDP growth also capped gains.
The blue chip index rose 5% in the last trading session of the week, however, it was unable to end the week on a higher note with concerns over rising Covid-19 cases surrounding the last trading sessions. Glencore, Rio Tinto, Uniliver and GlaxoSmithKline were among the best performing stocks in the index.
Travel stocks rose 0.9% after three consecutive sessions of decline, as the UK plans to lift the quarantine for fully vaccinated arrivals in the coming weeks. The domestically-focused mid-cap FTSE 250 index rose 0.4 percent.
Britain’s post-lockdown economic rebound slowed sharply in May despite the relaxation of social distancing rules. The country’s gross domestic product grew 0.8% per month, much faster than its typical pre-pandemic rate, but down from April’s 2% rise, estimates missing. A Reuters poll of economists had predicted monthly growth of 1.5% in gross domestic product.
“With the government’s overwhelming desire to get back to normal and completely relax all restrictions in the face of rapidly accelerating virus cases, there is a growing risk that the economy will continue to print weaker growth figures in the coming months, “Charles Hepworth, investment manager of GAM Investments, was quoted by Reuters.
Meanwhile, US stocks hit an all-time high after a day of decline as investors restore confidence in big tech. The S&P 500 rose 0.3%, to an all-time high of 4,358. The Dow Jones Industrial Average rose 104 points to 34,682. The tech-rich Nasdaq Composite closed at 14,665 despite a new intraday record shortly after opening.
Asia-Pacific stocks also opened higher with Japan and China leading the gains on Monday, helped by record highs on Wall Street and policy easing in China. Japan’s Nikkei continued to trade at a higher level throughout the first half of the session with gains of over 2%, while the Shanghai Composite opened higher and advanced further to s’ trade almost one percent at midday.
Indian indices opened higher on positive global indices, as Sensex advanced over 200 points and Nifty remained above 15,750.
Additional Reuters Reports
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Source: www.independent.co.uk
This notice was published: 2021-07-12 06:00:55
