London pre-open: Stocks to edge up as investors mull GDP data

London stocks were set to edge up at the open on Wednesday as investors digest the latest UK GDP reading.

The FTSE 100 was called to open seven points higher at 7,304.

Figures out earlier from the Office for National Statistics showed the UK economy grew more slowly than thought in the third quarter. GDP rose 1.1%, coming in weaker than the initial estimate for growth of 1.3%.

ONS Director of Economic Statistics Darren Morgan said: "Our revised figures show UK GDP recovered a little slower in the third quarter, with much weaker performances from health and hairdressers across the quarter, and the energy sector contracting more in September, than we previously estimated.

"However, stronger data for 2020 means the economy was closer to pre-pandemic levels in the third quarter."

In corporate news, Syncona said it had sold its portfolio company Gyroscope Therapeutics Holdings to Novartis for up to $1.5bn (£1.1bn) on a cash and debt free basis, with an upfront payment of $800m and $700m potentially due upon the achievement of certain customary milestones related to clinical development, regulatory approvals and reimbursement.

Property company LondonMetric has acquired Savills IM Income and Growth Fund in a corporate transaction valued at £122.2m, reflecting a blended yield on cost of 4.3% and an anticipated reversionary yield of 4.9%.

LondonMetric said that Savills' portfolio of 15 assets generates £5.35m of rent per annum and has a weighted average unexpired lease term of 11 years, with key occupants including the likes of Decora, Fujitsu, Grafton, HSBC, Iveco, MKM and Volkswagen.