London open: Stocks, sterling gain after UK GDP data

London stocks rose in early trade on Friday as investors mulled upbeat UK growth data.

At 0840 BST, the FTSE 100 was 0.8% firmer at 7,659.93 , while sterling was up 0.4% against the dollar at 1.2248 after figures from the Office for National Statistics showed that the economy grew more than initial estimated in the first quarter.

GDP rose by 0.3% between January and March, up from the 0.1% growth previously estimated. This means that GDP is now estimated to be 1.8% above pre- pandemic 2019 levels.

ONS chief economist Grant Fitzner said: "Today’s latest figures show the GDP growth rate is almost unrevised over the last 18 months.

"Our new estimates indicate a stronger performance for professional and scientific businesses due to improved data sources.

"Meanwhile, healthcare grew less because of new near real-time information showing the cost of delivering services."

GDP growth for 2022 as a whole was also revised up, to 4.3% from a first estimate of 4.1%, while second-quarter growth was unrevised at 0.2%.

In equity markets, JD Sports shot to the top of the FTSE 100 following well-received first-quarter results from Nike across the pond.

Severn Trent advanced after saying it was seeking to raise £1bn for a transformation plan expected to create 7,000 jobs across the Midlands.

Specialist media firm Future surged as it held annual earnings guidance despite volatile markets, but warned that trading conditions remain mixed.

Aston Martin also racked up strong gains after it said chairman Lawrence Stroll's Yew Tree Consortium had upped its stake in the company by 3.27% to 26.23%.

Stroll said: "This additional investment demonstrates the Yew Tree Consortium's continuing confidence and belief in the future of Aston Martin. The company has delivered a major turnaround since the Yew Tree Consortium's initial investment three years ago.

"We have rebuilt this iconic company, transforming it into an ultra-luxury brand, with a portfolio of highly desirable, performance-driven cars."

Ascential rallied following a report that buyout firm Apax Partners is in talks to buy its consumer data business, WGSN.

Market Movers

FTSE 100 (UKX) 7,659.93 0.76%
FTSE 250 (MCX) 18,285.66 1.03%
techMARK (TASX) 4,344.62 0.68%

FTSE 100 - Risers

JD Sports Fashion (JD.) 151.75p 6.23%
Ocado Group (OCDO) 604.60p 4.06%
Severn Trent (SVT) 2,349.00p 3.71%
Croda International (CRDA) 4,836.00p 2.63%
Halma (HLMA) 1,963.50p 2.59%
Spirax-Sarco Engineering (SPX) 9,614.00p 2.08%
SEGRO (SGRO) 717.80p 1.99%
Barratt Developments (BDEV) 441.20p 1.96%
Land Securities Group (LAND) 585.40p 1.84%
Intertek Group (ITRK) 4,113.00p 1.83%

FTSE 100 - Fallers

Melrose Industries (MRO) 471.60p -0.69%
BAE Systems (BA.) 1,011.50p -0.69%
Vodafone Group (VOD) 77.33p -0.54%
CRH (CDI) (CRH) 4,604.00p -0.43%
BP (BP.) 539.60p -0.28%
Smurfit Kappa Group (CDI) (SKG) 2,726.00p -0.15%
Shell (SHEL) 2,657.50p -0.11%
Pershing Square Holdings Ltd NPV (PSH) 2,968.00p -0.07%
F&C Investment Trust (FCIT) 882.00p 0.00%
GSK (GSK) 1,494.40p 0.03%

FTSE 250 - Risers

Future (FUTR) 795.00p 11.27%
Digital 9 Infrastructure NPV (DGI9) 36.60p 9.25%
Aston Martin Lagonda Global Holdings (AML) 283.40p 8.58%
Ascential (ASCL) 209.00p 5.66%
Watches of Switzerland Group (WOSG) 543.00p 4.22%
JTC (JTC) 769.00p 4.13%
PureTech Health (PRTC) 189.00p 3.85%
Trainline (TRN) 279.40p 3.25%
SSP Group (SSPG) 209.80p 3.05%
Persimmon (PSN) 1,082.50p 2.90%

FTSE 250 - Fallers

RHI Magnesita N.V. (DI) (RHIM) 2,730.00p -2.36%
Bakkavor Group (BAKK) 92.00p -2.13%
Moneysupermarket.com Group (MONY) 235.00p -1.92%
Kainos Group (KNOS) 1,110.00p -1.33%
Ruffer Investment Company Ltd Red PTG Pref Shares (RICA) 267.00p -1.11%
Ceres Power Holdings (CWR) 323.20p -1.10%
Pennon Group (PNN) 545.50p -1.00%
Volution Group (FAN) 348.40p -0.97%
Me Group International (MEGP) 156.00p -0.89%
PZ Cussons (PZC) 145.80p -0.55%