Tue, 16th Jul 2019
The top share index in the UK moved lower during the final session of the week as worse than expected economic data from the US dented confidence. By the close of trade, the FTSE 100 was down by 0.25 per cent, reaching 6426.
Much of the profit taking in the market on Friday was caused by poor results coming from across the Atlantic, with investors keen to cash in on the three day mini revival.
The latest GDP figures seemed on first glance a positive result, the economy growing by 2.5% in the last three months compared to just 0.4% in the last quarter. However, with experts anticipating growth of at least 3%, the results were seen as a failure. Some of the earnings reports from heavyweights such as Amazon and Starbucks also didn't perform quite as well as expected.
In the meantime, growth in the UK reached 0.3%, better than predicted and enough to help Britain avoid a triple dip recession.
In the market, outsourcing expert Capita was the top performing stock, climbing by 2.72 per cent after it tied up a deal with the government to produce a new team responsible for providing effective business processes.
In the insurance sector, Prudential moved higher, inching up by 2.66 per cent after it was revealed that they will be welcoming their new officer who will be responsible for both its UK and Europe operations. The person in question announced his resignation as Chief Financial Officer from