GDP cheer fails to lift FTSE 100, stocks fall on oil

Market news
Market news

Figures showing much-needed growth in the German and French economies over the third quarter of the year had little impact on European markets today.

The Cac40 in Paris was moderately higher after the country’s better-than-expected GDP result of 0.3% but the Dax in Frankfurt was lower despite Germany’s economy ducking a return to recession with growth of 0.1% in the period.

London’s FTSE 100 Index was 19.3 points lower at 6615.6 as lower commodity prices pulled top flight mining and oil stocks into negative territory.

Silver miner Fresnillo fell 20.5p to 705.75p and Tullow Oil dropped sharply for a second successive session, down 11.3p to 452.65p after the price of Brent crude dipped to below 78 US dollars a barrel.

BP was among other heavyweight fallers, off 4.6p to 425.35p.

Temporary power supply firm Aggreko was the leading riser in London’s top flight after it gave a reassuring trading update in which underlying group revenues were 6% ahead of the same period last year. Shares were 4% or 64p higher at 1607.5p.

Meanwhile, a volatile week for supermarket stocks continued as Sainsbury’s rose 4.4p to 269.5p, Tesco added 2.3p to 193.5p and Morrisons lifted 1.65p to 178.45p.