FTSE unimpressed as UK avoids a triple dip recession

Mon, 29th Apr 2013

The top share index in the UK moved only marginally higher on Thursday as news that the country had avoided a triple dip recession didn't prove enough of an incentive for investors to stay in the blue. By the end of the session, the FTSE 100 was higher by 0.17 per cent, reaching 6442.

The big news of the day was undoubtedly the UK economy where the National Office of Statistics revealed that the GDP for the first three months of the year was much better than anticipated. With many experts warning strongly of the possibility of zero growth and a third technical recession, all were proved wrong as the UK registered a strong gain of 0.3 per cent. General consensus had been that the economy would register only minor growth of 0.2 per cent.

The results meant that the price of sterling increased as the chances of further monetary stimulus being implemented by the Bank of England took a nosedive.

However, helping to boost investors was the news that the US jobless figures tumbled heavily, dropping to a six week low of 339,000, equivalent to a fall of 16,000. A drop to 350,000 had been predicted by the experts.

The miners dominated the top of the leaderboard yet again with six out of the ten strongest performers coming from the sector. Randgold Resources came out top of the pile with an increase of 5.35 per cent whilst also higher were Antofagasta, Vedanta Resources, Frensillo, Polymetal and ENRC, adding between 4.61 and 2.96 per cent.

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