Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
London midday: Stocks gain as UK GDP in focus
(Sharecast News) - London stocks were still a little firmer by midday on Friday after data showed the UK economy contracted a touch less than expected in the second quarter. The FTSE 100 was up 0.3% at 7,490.50.
Figures released earlier by the Office for National Statistics showed the economy shrank 0.1% in Q2 1% following 0.8% growth in the previous quarter. Analysts had been expecting a 0.2% contraction.
There was a 0.4% decline in services output, with the largest negative contribution from human health and social work activities.
ONS director of economic statistics Darren Morgan said: "Health was the biggest reason the economy contracted as both the test and trace and vaccine programmes were wound down, while many retailers also had a tough quarter.
"These were partially offset by growth in hotels, bars, hairdressers and outdoor events across the quarter, partly as a result of people celebrating the Platinum Jubilee."
Monthly estimates from the ONS showed that GDP fell by 0.6% in June following a downwardly-revised 0.4% increase in May and versus consensus expectations for a 1.2% contraction.
Last week, the Bank of England warned the UK would enter a recession at the end of this year, as it hiked interest rates by the most in 27 years.
Ruth Gregory, senior UK economist at Capital Economics, said: "Overall, the figures suggest that the risks to our below-consensus forecast of a 0.2% q/q fall in Q3 and a 0.4% q/q drop in Q4 are now on the upside. But the sheer size of the squeeze on real incomes suggests to us that a recession is still on the cards in late 2022 and early 2023."
In equity markets, bookmaker Flutter surged to the top of the FTSE 100 as it said US revenues were set to be ahead of expectations and that interim pre-tax losses had widened in the first half.
GlaxoSmithKline gained after saying it would that it would "vigorously defend" all claims related to its now-discontinued heartburn drug Zantac. It also said that both the FDA and the European Medicines Agency have concluded there is no evidence of a causal association between ranitidine therapy (marketed as Zantac) and the development of cancer.
Shares in the pharmaceuticals giant had tumbled on Thursday amid worries about upcoming litigation.
Meanwhile, Haleon - GSK' s consumer health spinoff - also rose following heavy losses a day earlier as it said that it was not a party to any of the claims related to Zantac.
On the downside, 888 tanked after the gambling firm reported a sharp fall in interim profit as the cost-of-living crisis and tougher online gambling safety rules hit the bottom line.
B&Q owner Kingfisher and homeware retailer Dunelm were both under the cosh after rating downgrades at UBS.
Market Movers
FTSE 100 (UKX) 7,490.50 0.33% FTSE 250 (MCX) 20,270.95 0.13% techMARK (TASX) 4,353.61 0.70%
FTSE 100 - Risers
Flutter Entertainment (CDI) (FLTR) 10,560.00p 12.56% GSK (GSK) 1,441.80p 2.99% Centrica (CNA) 79.68p 2.47% Entain (ENT) 1,388.00p 2.25% Barclays (BARC) 172.02p 1.80% NATWEST GROUP PLC ORD 100P (NWG) 261.20p 1.79% Mondi (MNDI) 1,553.50p 1.34% Whitbread (WTB) 2,689.00p 1.28% Standard Chartered (STAN) 606.40p 1.17% CRH (CDI) (CRH) 3,238.00p 0.97%
FTSE 100 - Fallers
Dechra Pharmaceuticals (DPH) 3,558.00p -2.68% London Stock Exchange Group (LSEG) 8,096.00p -2.48% Fresnillo (FRES) 735.00p -2.05% Scottish Mortgage Inv Trust (SMT) 909.20p -1.88% Kingfisher (KGF) 251.10p -1.84% Halma (HLMA) 2,254.00p -1.83% JD Sports Fashion (JD.) 129.55p -1.52% Spirax-Sarco Engineering (SPX) 11,485.00p -1.46% Howden Joinery Group (HWDN) 675.40p -1.43% Endeavour Mining (EDV) 1,765.00p -1.40%
FTSE 250 - Risers
Moonpig Group (MOON) 215.20p 4.16% TBC Bank Group (TBCG) 1,604.00p 3.75% UK Commercial Property Reit Limited (UKCM) 78.10p 3.44% TUI AG Reg Shs (DI) (TUI) 152.90p 2.96% Bank of Georgia Group (BGEO) 1,790.00p 2.87% Beazley (BEZ) 600.00p 2.65% Investec (INVP) 468.00p 2.50% Greencore Group (CDI) (GNC) 101.10p 2.28% Darktrace (DARK) 408.70p 2.17% Bridgepoint Group (Reg S) (BPT) 276.40p 2.07%
FTSE 250 - Fallers
888 Holdings (DI) (888) 135.70p -15.19% TP Icap Group (TCAP) 144.90p -3.40% Genus (GNS) 2,674.00p -3.26% HarbourVest Global Private Equity Limited A Shs (HVPE) 2,425.00p -2.41% Jupiter Fund Management (JUP) 118.00p -2.40% QinetiQ Group (QQ.) 365.20p -2.35% Dunelm Group (DNLM) 823.50p -2.08% Baltic Classifieds Group (BCG) 152.40p -1.80% Spirent Communications (SPT) 272.20p -1.80% ASOS (ASC) 989.50p -1.74%
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.