UK stocks : FTSE 100 adds 0.3 pct

Jan 26 2013, 04:05 IST
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SummaryThe FTSE 100 index closed up 19.54 points at 6,284.45.

reported mixed quarterly production, badly dented by strikes that battered South Africa's mining industry last year.

The globally focused FTSE 100 shrugged aside news that Britain's economy is coming closer to dipping back into its third recession in four years, after growth shrank more than expected in the last three months of 2012.

Conall MacCoille, Chief Economist at stockbrokers Davy, said the 0.3 percent contraction was smaller than was first predicted with an expansion in construction the notable success story.

"Nonetheless, today's release is bound to increase the pressure on (British finance minister) George Osborne and herald talk of a triple dip-UK recession. We haven't yet seen enough of the Q1 data to make a strong call on whether UK GDP in Q1 will be positive or negative," he added.

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