(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)
* UK economy grows by slower-than-expected 1.1% in Sept
* Britain has always worked hard to get EU deal - PM spokesman
* Legal and General slips on keeping 2020 dividend flat
* FTSE 100 down 0.7%, FTSE 250 falls 0.2% (Adds comment; updates to close)
By Devik Jain
Nov 12 (Reuters) - London's FTSE 100 slipped on Thursday after rallying more than 7% this week as slower-than-expected domestic economic growth in September underscored concerns about a faltering recovery from the coronavirus-driven recession.
The blue-chip FTSE 100 index .FTSE closed down 0.7%, with engineering company Rolls-Royce Holdings Plc RR.L tumbling 8.6% as it raised 2 billion pounds from a rights issue after shareholders signed up for 94% of the new shares and the rest were sold via a rump placing. .FTNMX8350 and energy .FTNMX0530 stocks were among the biggest draggers after having surged more than 14% and 17% respectively this week.
After rising as much as 0.5% in afternoon trade, the domestically focused mid-cap FTSE 250 .FTMC ended 0.2% lower as official data showed Britain's economy grew by a slower than expected 1.1% in September from August - even before the latest COVID-19 lockdown. going to continue to be a stuttered recovery until a vaccine is widely available and the next couple of months are going to be extremely challenging in managing the virus," said Craig Erlam, senior market analyst at Oanda.
UK markets, however, have sharply rebounded this month from a 5% fall in October as a slew of stimulus measures and positive vaccine data supported hopes for a sooner-than-expected economic rebound.
Britain recorded 33,470 new coronavirus cases on Thursday, with a Imperial (JO: IPLJ ) College study saying English infections doubled in October ahead of the reintroduction of a national lockdown. the Brexit front, Britain has been working hard throughout the trade negotiations with the European Union to secure a deal, a spokesman for Prime Minister Boris Johnson said after the Irish prime minister commented that London needed to "knuckle down". brand Burberry Group Plc BRBY.L reversed course to end 2.3% lower even after its sales returned to growth in October. Legal & General Group Plc LGEN.L fell 1.9% after it kept its final dividend payment for 2020 flat. chemicals maker Croda International CRDA.L slipped 2.8% after Barclays (LON: BARC ) downgraded the stock to "underweight".
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.