FTSE 100 pauses after three-day rally; GDP data in focus
As of 1018 GMT, the blue-chip index (.FTSE), opens new tab was down 0.06%, after three consecutive sessions of gains, while the domestically focused midcap (.FTMC), opens new tab index also declined 0.1%
Investors parsed Wednesday's British GDP data for the second quarter, which showed the economy slowed less than expected despite U.S. trade tariffs and a weaker jobs market.
Much of the slowdown is due to manufacturers frontloading goods in the previous quarter to avoid tariffs, said George Brown, senior economist at Schroders. "This drag should ease in the third quarter, even against a tougher global trade backdrop," he said.
"We expect the Bank of England to keep rates on hold for the remainder of the year."
The energy sector (.FTNMX601010), opens new tab was the main drag on the FTSE 100, down 1.3%
Harbour Energy (HBR.L), opens new tab led the losses, falling 4.5%, while oil majors Shell (SHEL.L), opens new tab and BP (BP.L), opens new tab each fell over 1%.
Industrial metal miners (.FTNMX551020), opens new tab also retreated 1% amid weakness in copper and iron ore prices.
The aerospace and defence (.FTNMX502010), opens new tab index led the gains, up 2.2%.
Among individual stocks, British Gas owner Centrica (CNA.L), opens new tab rose 2.5% after announcing it will jointly buy National Grid's (NG.L), opens new tab Grain LNG terminal with U.S.-based Energy Capital Partners for about 1.5 billion pounds ($2.04 billion).
Insurer Aviva (AV.L), opens new tab jumped 3.5% to a 17-year high after raising its interim dividend and reporting a 22% rise in half-year operating profit, boosting the life-insurer's index (.FTNMX303010), opens new tab 1.6%.
The non-life insurers index (.FTNMX303020), opens new tab also advanced 1.3%, with Admiral Group (ADML.L), opens new tab rising 4.8% after reporting a 67% jump in half-year pretax profit.
Technical products distributor Diploma (DPLM.L), opens new tab fell 3.4% after finance chief Chris Davies stepped down over personal conduct issues.
($1 = 0.7365 pounds)
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