Growth Surprise Lifts FTSE 100
(RTTNews) - The FTSE 100 benchmark of the London Stock Exchange rallied on Thursday amidst positive sentiment generated by the better-than-expected GDP reading.
Data released on Thursday showed the U.K. economy expanding 0.1 percent month-on-month in August, defying market expectations of a 0.1 percent contraction. Growth was steady at 0.4 percent in both July and June.
The FTSE 100 which had closed at 10,724.86 on Wednesday traded between 10,809.59 and 10,695.84 on Thursday.
The index is currently trading at 10,804.32, adding 0.74 percent from the previous close. The index has rallied more than 14 percent over the course of the past year. In the 100-scrip index, only 24 scrips are currently trading in the overnight red zone.
BT Group surged more than 4 percent. Autotrader Group, British American Tobacco, JD Sports Fashion, Compass Group, all followed with gains of more than 3 percent.
Computacenter as well as Antofagasta led losses with a decline of more than 6 percent. Polar Capital Technology Trust followed with losses of more than 5 percent.
The six-currency Dollar Index, dropped amidst the dollar's retreat, losing 0.43 percent to trade at 102.12. The GBP/USD pair has jumped 0.40 percent to 1.3245. The sterling ranged between $1.3276 and $1.3184 in the day's trade. The EUR/GBP pair has added 0.05 percent to 0.8460. The GBP/JPY pair is currently trading 0.17 percent higher at 209.24.
Aligning with the global trend of softening in bond yields, yields on ten-year bonds in the U.K. have eased 1.77 percent to trade at 5.3339 percent. The yields ranged between 5.3562 percent and 5.3307 percent over the course of the day. Yields had closed at 5.4302 percent a day earlier.
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