By Patrick Munnelly, Market Analyst, Tickmill
In a reversal of early week fortunes, the FTSE 100 has rebounded into the close on Friday. finishing up 24 points at 7754.62.
The index was supported by some encouraging data indicating that the UK has once again successfully avoided entering a recession during the initial three months of 2023, The Office for National Statistics unveiled that the UK economy performed in line with expectations, with a growth of 0.1% in the first quarter of 2023, despite a monthly contraction of 0.3% in March.
FTSE 100 biggest movers
This news contributed to an uptick in the shares of insurance company Beazley LON:BEZ, reaching a one-month high, thanks to decent quarterly results. Beazley witnessed a notable rise of 3%+ after announcing a significant surge in net premiums during the first quarter, which in turn boosted the nonlife insurance sector by 1.6%. Another noteworthy development was the 1.4% lift in Pearson’s LON:PSON shares following a bullish outlook from Morgan Stanley on the company’s stock.
Sitting near the bottom of the index today is Diageo LON:DGE on a downgrade from Jefferies, who have taken the stock from a buy to hold rating and taken down their price target to £38.00 from the previous £40.00. Shares closed the day down over 2%.
Outside of the main index but worthy of note, THG LON:THG bucked the overall positive market mood, taking a substantial decline of 15% at the close after revealing the termination of its negotiations with Apollo Global Management for a potential buyout deal.
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