London markets shrug off weak UK GDP figures

London markets shrugged off weaker than expected UK GDP figures today.

The capital’s premier FTSE 100 index gained 0.60 per cent to close at 7,384.18 points, while the mid-cap FTSE 250 advanced by the same amount to finish at 23,574.05 points.

Traders seemingly ignored a weak quarterly GDP print released by the Office for National Statistics on today showing the UK economic recovery from the pandemic is slowing.

Growth came in at 1.3 per cent for the three months to September, down sharply from the previous quarter’s 5.5 per cent reading.

A bumper crop of results from car marketplace Auto Trader got the City purring. 

The firm reported its highest ever sales take, propelling it to the top of the FTSE 100 risers table with a share price gain of more than 14 per cent.

However, chemicals firm Johnson Matthey held back gains on the premier index, tumbling over 19 per cent due to investors being spooked by news it is selling its battery materials unit and current chief Robert MacLeod will retire.

Miners also lifted the capital’s premier index, with Anglo American, Antofagasta and Polymetal all closing up more than four per cent.

The pound fell to a calendar year low against the dollar at one point today.