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London stocks on the FTSE 100 fell in early trade on Thursday despite better-than-expected UK GDP figures, as investors sifted through another raft of corporate news.
At 0830 BST, the FTSE 100 was down 0.4% at 8,549.40.
Data released earlier by the Office for National Statistics showed that the economy grew more than expected in the first three months of the year.
Gross domestic product rose 0.7% in the first quarter, up from 0.1% growth in the final quarter of last year and ahead of consensus expectations for 0.6% growth.
The ONS said growth was driven largely by a 0.7% increase in the services sector, while production grew 1.1% and the construction sector showed no growth.
ONS director of economic statistics Liz McKeown said: “The economy grew strongly in the first quarter of the year, largely driven by services, though production also grew significantly, after a period of decline.
“Growth in services was broad based, with wholesale, retail and computer programming all having a strong quarter as did car leasing and advertising. These were only slightly offset by falls in education, telecoms and legal services.”
In equity markets, Sage Group slumped even as the enterprise software firm extended its share buyback plan by £200m after a strong first half. Underlying total revenues rose by 9% year-on-year to £1.24bn in the six months to 31 March, while underlying operating profits jumped 16% to £288m.
3i Group fell sharply as its full-year total return of £5bn missed market expectations.
Spectris and PageGroup both lost ground as they traded without entitlement to the dividend.
On the upside, JD Sports was the top performer on the FTSE 100 following a report that US peer Dick’s Sporting Goods is nearing a deal to buy Foot Locker for around $2.3bn.
National Grid and United Utilities were among the top gainers after full-year results.
Grainger was up as the residential landlord said first-half earnings rose 23% while net rental income was 15% higher than the same period a year earlier.
Watches of Switzerland rallied as it reported a jump in full-year revenues as it returned to growth in the UK and US.
Top 10 FTSE 100 Risers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
National Grid Plc | +3.25% | +33.00 | 1,048.50 |
| 2 |  |
Compass Group Plc | +2.60% | +66.00 | 2,606.00 |
| 3 |  |
Aviva Plc | +2.34% | +13.40 | 585.40 |
| 4 |  |
Bae Systems Plc | +1.82% | +31.00 | 1,732.00 |
| 5 |  |
Smurfit Westrock Plc | +1.66% | +57.00 | 3,487.00 |
| 6 |  |
International Consolidated Airlines Group S.a. | +1.58% | +5.00 | 321.30 |
| 7 |  |
Vodafone Group Plc | +1.55% | +1.06 | 69.40 |
| 8 |  |
Aib Group Plc | +1.45% | +8.00 | 560.00 |
| 9 |  |
Fresnillo | +1.38% | +13.50 | 995.00 |
| 10 |  |
Severn Trent Plc | +1.23% | +32.00 | 2,624.00 |
Top 10 FTSE 100 Fallers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
3i Group Plc | -6.96% | -292.00 | 3,905.00 |
| 2 |  |
The Sage Group Plc | -4.73% | -60.50 | 1,219.00 |
| 3 |  |
Admiral Group Plc | -3.30% | -110.00 | 3,226.00 |
| 4 |  |
Bp Plc | -3.23% | -12.30 | 368.70 |
| 5 |  |
Shell Plc | -2.31% | -58.00 | 2,456.50 |
| 6 |  |
Intercontinental Hotels Group Plc | -2.18% | -202.00 | 9,048.00 |
| 7 |  |
Crh Plc | -2.14% | -158.00 | 7,222.00 |
| 8 |  |
Tesco Plc | -1.85% | -6.80 | 361.30 |
| 9 |  |
Antofagasta Plc | -1.73% | -32.50 | 1,842.00 |
| 10 |  |
Glencore Plc | -1.72% | -4.70 | 269.05 |
US close: S&P 500, Nasdaq rise for third straight day
US stocks finished mostly higher on Wednesday, but trading within a relatively narrow range following recent gains, with sentiment lifted by a flurry of deals in the tech sector.
The S&P 500 inched 0.1% higher to 5,892.58 while the Nasdaq rose 0.7% to 19,146.81, with both settling at levels not seen since the last week of February. The Dow, however, fell for the second day, slipping 0.2%.
“Stock indices in the US [were] mildly higher on Wednesday after finally recouping their 2025 losses on Tuesday. The focus is now on whether US stocks can achieve fresh record highs that were reached earlier this year,” said Kathleen Brooks, research director at XTB.
The S&P 500 and Nasdaq have gained around 4.1% and 6.8% over the past three sessions alone, respectively, after sentiment was lifted by the weekend agreement between the US and China to temporarily lower tariffs as they continue trade negotiations, while US inflation figures for April came in lower than expected.
Nevertheless, trading may have also been rangebound ahead of a flurry of economic data due out on Thursday, including US jobless claims, the Empire State and Philly Fed manufacturing indices, and industrial production figures.
The focus, however, will likely be on US retail sales and April’s US producer price index as investors continue monitor the impact of America’s fluctuating trade policies on consumer sentiment and input prices. Retail sales are expected to have stalled in April after growing 1.5% the month before, while annual PPI inflation is tipped to have slowed to 2.5% year-on-year from 2.7%.
The only major economic data release from Wednesday’s session was a report from the Mortgage Bankers Association before the opening bell, which showed that US mortgage applications edged 1.1% higher in the week ended 9 May, following an 11% surge the previous week.
Market movers
Chip giant Nvidia was up 4%, extending recent gains after the Department of Commerce said it was scrapping the so-called ‘AI Diffusion Rule’, which imposed restrictions on AI chip exports to certain countries.
With shipment caps now curbed, Nvidia and sector peer AMD were able to strike agreements with Saudi Arabia’s state-backed Humain to supply chips for its AI data centres. The deals saw Bank of America raise its target prices for both stocks.
Similarly, server and storage systems group Super Micro Computer surged 16% after announcing a deal with Saudi group DataVolt worth $20bn. The deal will see SMC provide “ultra-dense GPU platforms and rack systems” for DataVolt’s AI campuses in Saudi Arabia and the US.
US-listed shares of Chinese ecommerce giant JD.com fell 4% despite beating forecasts with first-quarter sales and profits, while trading platform eToro jumped 29% after debuting on the Nasdaq.
Thursday newspaper round-up: Bank of London, Telefonica, Boeing
The post-pandemic shift to greater home working among highly skilled professionals has failed to level up Britain’s economy and help struggling regions as many had predicted it would, according to academic research. Hybrid working – where workers split their time between the workplace and another remote location such as home – has surged since the height of the Covid pandemic, yet is mostly available to older, high-skilled professionals based in London and other major cities. – Guardian
The Bank of London, the fledgling clearing bank formerly backed by Peter Mandelson, has revealed it is under investigation by UK regulators, with auditors saying the fallout could throw “significant doubt” over its ability to keep operating. The news is a fresh blow for the troubled fintech, which has lost its founder and leading board members, including Lord Mandelson and US private equity boss Harvey Schwartz, and halved its workforce since being thrust into the spotlight in September over an embarrassing winding-up petition by the UK tax authority over unpaid debts. – Guardian
Virgin Media O2’s Spanish co-owner is said to be exploring a full takeover of the telecoms giant amid a shake-up triggered by Spain’s prime minister Pedro Sánchez. Telefonica, which holds a 50pc stake in VMO2, is exploring plans for a deal that would allow it to buy out its US joint venture partner Liberty Global. – Telegraph
The future of the UK’s competition watchdog is back in the spotlight after a report called for greater powers to tackle American technology companies while ministers doubled down on a contentious “reset” to force the regulator to “prioritise growth”. The Institute for Public Policy Research said the Competition and Markets Authority needed to be tougher to prevent Apple and Google from “stifling UK businesses” due to their control of app stores. – The Times
Boeing has received its largest order for jets on record after Qatar Airways signed a deal on Wednesday to purchase up to 210 widebody aircraft from the American manufacturer during President Trump’s visit to the Gulf nation. The deal for Boeing 777X and 787 planes with GE Aerospace engines was worth $96 billion, according to the White House, although it will be some years before the jets are delivered. – The Times
