FTSE Moves: Footsie gains on better-than-expected GDP data

The London market surged in afternoon trading on Wednesday (27 July), driven by better-than-expected data on economic growth and robust corporate earnings statements.

UK gross domestic product (GDP) rose during the second quarter by 0.6%, up from 0.4% in the first three months of the year, said the Office for National Statistics (ONS).

The FTSE 100 Index lifted 43.3 to 6,767.3, as the ONS data suggested the economy did not slow in the run-up to the Brexit vote. The FTSE 250 Index was 239.2 higher at 17,308.3.

Shares in broadcaster ITV rose by just under 10%, their biggest one-day gain since 2009, after the firm said adjusted pre-tax profit jumped 9% to £425m ($558m, €507m) in its first six months of the year, as independent studios it bought contributed to sales and profits. The stock jumped 17.8p to 202.6p.

Trustnet Direct market analyst Tony Cross said: "ITV is also finding favour after numbers came in ahead of expectations and even though the company is bracing itself for some fallout from Brexit, the production arm is likely to continue proving resilient."

In afternoon trading the biggest risers on the FTSE 100 Index were ITV (+17.8p to 202.6p), Taylor Wimpey (+8.9p to 153.8p), Barratt Developments (+23.8p to 429.1p), Persimmon (+82p to 1670p) and St James's Place (+45.5p to 929.5p).

The biggest fallers on the FTSE 100 Index were Hikma Pharmaceuticals (-44p to 2597p), Provident Financial (-34p to 2714p), Capita (-12p to 977p), GKN (-3.3p to 297.7p) and Imperial Brands (-40p to 3968p).

In afternoon trading the biggest risers on the FTSE 250 Index were Renishaw (+231p to 2651p), Brewin Dolphin Holdings (+22p to 259p), Morgan Advanced Materials (+22.9p to 275.8p), Rightmove (+329p to 4119p) and Crest Nicholson Holdings (+31.1p to 432.7p).

The biggest fallers on the FTSE 250 Index were Dignity (-84p to 2650p), Lancashire Holdings (-17.5p to 603.5p), Jardine Lloyd Thompson (-20.5p to 962p), Smurfit Kappa Group (-36p to 1815p), Centamin (-3p to 153.5p).