The FTSE 100 has pared some of Friday’s gains as Christmas week begins, a period expected to see thin trading volumes.
Just ahead of the New York open, the FTSE 100 was down 0.6%, the FTSE 250 slipped 0.3%, and the AIM All-Share inched up 0.2%.
Data from the Office for National Statistics confirmed a slowdown in the UK economy in the third quarter. GDP rose just 0.1% quarter-on-quarter in the three months to 30 September, down from a 0.2% increase in the previous quarter, which itself was revised down from 0.3%.
In sector terms, services and construction grew 0.2% each, while production declined by 0.3%. On an annual basis, GDP rose 1.3%, easing from 1.4% in Q2. For the full year 2024, UK GDP increased 1.1%, and the ONS estimates that real GDP is now 2.9% higher than the level in Q4 2023, slightly down from the prior estimate of 3.0%.
Among FTSE movers, Rank Group slumped 7.0% after revealing that its Spanish operations were hit by payment fraud totalling around €7.1 million. The company said law enforcement and an external law firm are investigating, and the financial impact will be separately disclosed for 2025/26.
Harbour Energy fell 4.7% despite confirming that its $3.2 billion acquisition of LLOG Exploration Co LLC will materially improve cash flow and support competitive shareholder distributions. The deal adds conventional offshore oil assets, boosts production, extends reserves, and strengthens margins. Payment will be $2.7 billion in cash and $500 million in shares, giving LLOG Holdings an 11% stake in Harbour Energy.
Atlantic Lithium soared 26% after submitting a revised mining lease for its Ewoyaa project in Ghana. The company said it remains confident that the lease will be ratified through the appropriate parliamentary process.
Gold and silver are the main talk of the town today, both hitting record all-time levels.