FTSE 100 up as UK stays in recession

Traders brushed aside the surprising GDP falls announced on Friday, keeping the UK in recession, with the FTSE 100 ending the day up.

The index rose through the day, before sliding in the final hours.

However, it closed up 0.68 per cent – or 35.21 points – to 5,242.57.

Over the week, the index was up 1.00 per cent.

The late sell-off in London matched drops in New York on the Dow – just as UK early gains followed Wall Street advances last night.

At 12:00 EDT (17:00 BST), the Dow was down 0.77 per cent to 10,004.15.

The S&P 500 fell 0.85 per cent but the Nasdaq was down up 0.07 per cent.

In Europe, the Dax fell 0.39 per cent and the Cac 40 fell 0.33 per cent.

In London, Prudential was up 5.15 per cent while software group Autonomy climbed 4.56 per cent.

Anglo American climbed 4.16 per cent and Xstrata was up 3.69 per cent.

BT Group fell 3.15 per cent, Bunzl was down 1.96 per cent and 3i lost 1.85 per cent.

The fall in GDP of 0.4 per cent was most felt on the currency markets.

The pound was down 1.69 per cent against the dollar and 1.64 per cent against the euro to $1.634 and €1.087.