The UK’s leading stock indices remained subdued on Friday as major pharmaceutical companies AstraZeneca and GSK experienced notable losses, impacting the blue-chip FTSE 100. Despite this, the index managed to inch up by 0.1% due to a recovery in mining stocks.
Economic data painted a grim picture, revealing that Britain’s economy contracted unexpectedly in September. This development poses an early challenge to finance minister Rachel Reeves’ plans to revitalize economic growth after third-quarter figures showed only marginal expansion.
In business news, TT Electronics saw a substantial rise of 37% as it rejected takeover offers from Volex Plc, while Land Securities gained 2% following optimistic earnings forecasts, signaling mixed fortunes in the overall market landscape.
(With inputs from agencies.)