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FTSE 100 outperforms European peers on strong earnings, upbeat GDP data

Published 05/12/2021, 03:23 PM
Updated 05/12/2021, 03:30 PM
© Reuters

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
* FTSE 100 up 0.3%, FTSE 250 adds 0.4%

May 12 (Reuters) - London's FTSE 100 rebounded on Wednesday,
supported by positive earnings updates from companies including
Diageo , while stronger-than expected monthly GDP data bolstered
optimism about a sharp recovery from the pandemic-driven slump
last year.
The blue-chip index .FTSE rose 0.3%, with spirits maker
Diageo DGE.L adding 2.7% after it forecast organic operating
profit growth to be at least 14% in its current fiscal year and
restarted its capital return programme. Catering company Compass Group CPG.L rose 1.9% as it said
its fiscal third-quarter margins would improve sequentially,
supported by cost-cutting measures, after reporting a slight
profit and revenue beat in the first half. The domestically focused mid-cap FTSE 250 index .FTMC
advanced 0.4% after official data showed Britain's economy grew
by 2.1% in March from February led by the retail sector.
Globally, stocks extended a sell-off from the previous
session as investors braced for U.S. consumer price index report
with market-based measures of inflation expectations having
moved higher. MKTS/GLOB
UDG Healthcare UDG.L jumped 22.2% after private-equity
firm Clayton, Dubilier & Rice (CDR) agreed to buy the
pharmaceuticals services company for 2.6 billion pounds ($3.7
billion).

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