Good morning from London, where the FTSE 100 has shrugged off an early dip. London’s blue chip index reacted badly at the open to news that Britain’s economy shrank during May. The marginal 0.1% contraction in UK GDP was better than city estimates, and the FTSE is now up to eight-day highs.
Prudential, Ocado and Burberry are this morning’s biggest gainers so far but the real story is at the other end of the market with the biggest losers – the four worst performing stocks this morning are ALL housebuilders, and Barratt has revealed its expecting a fall in completions.
Dr Martens were one of the gainers meanwhile, as the shoemaker hinted at a strong second-half improvement in its embattled US business, which has faced supply chain issues recently.
Watches of Switzerland was another strong riser on Thursday morning, following the luxury retailer’s announcement of higher full-year profit thanks to growing second-hand sales.
Microsoft’s merger with Activision faces yet another hurdle after US regulators moved to appeal a court ruling against their block on the deal, and in small caps, payment and IT support firm RC365 started the day higher after confirming the acquisition of Hong-Kong based media company Mr Meal Productions.