London Stock Exchange Closes with Positive Gain on Strong Economic Performance
On Friday (September 29), the London Stock Exchange experienced a surge as it was bolstered by data revealing a stronger-than-expected performance of the British economy in the second quarter of 2023.
The London Stock Exchange’s FTSE 100 Index concluded at a high of 7,608.08 points, marking an increase of 6.23 points or +0.08%. Furthermore, it closed the third quarter of 2023 with a 1% gain after enduring a 1.3% decline in the second quarter.
According to the Office for National Statistics (ONS), the UK’s gross domestic product (GDP) in the second quarter of 2023 was 0.2 percentage points higher than in the previous quarter, aligning with expectations as indicated by opinion polls. This information, released on Friday, supports economists’ estimates from Reuters, which projected the second quarter GDP expansion to remain unchanged at 0.2%, consistent with the preliminary estimate published on 11 August.
Although the FTSE 100 index has witnessed a 2.1% increase this year, it still lags behind the STOXX 600 index, which has surged by 6%.
Traders are currently anticipating a 67% probability that the Bank of England (BoE) will maintain interest rates at its November meeting after holding them at 5.25% last week.
Among the prominent gainers were the chemicals group, showing a remarkable rise of 3.1%, and the real estate group, which experienced a notable increase of 2.5%. Conversely, the oil and gas group suffered the largest decline, attributed to the drop in crude oil prices.
The London Stock Exchange closed positive on Friday (September 29), boosted by data showing that the British economy performed better than expected in the second quarter of 2023.
The London Stock Exchange FTSE 100 Index closed at 7,608.08 points, an increase of 6.23 points or +0.08% and closed the third quarter of 2023 up 1% after falling 1.3% in the second quarter.
UK gross domestic product (GDP) in the second quarter of 2023 was 0.2 percentage points higher than in the first quarter, in line with opinion polls, the Office for National Statistics (ONS) said on Friday. According to economists’ estimates from Reuters GDP in the second quarter of 2023 expanding by 0.2%, unchanged from the preliminary estimate published on 11 August.
The FTSE100 index is up 2.1% this year, but still lags behind the STOXX 600 index, which is up 6%.
Traders expect there is a 67% chance that the Bank of England (BoE) will hold interest rates at its November meeting. After holding interest rates at 5.25% last week.
Leading positive stocks were the chemicals group, which rose 3.1%, and the real estate group, which rose 2.5%, while the oil and gas group. The biggest fall followed the price of crude oil.
#London #Stock #Market #Situation #Futsal #closed #points #positive #response #GDP #data
