By Carla Mozee, MarketWatch
LONDON (MarketWatch) -- Shares of BHP Billiton PLC popped higher
in U.K. trade Friday after the mining heavyweight said it's looking
to slim down its assets, and the pound gained after an upwardly
revised reading of economic growth.
BHP Billiton (BHP) shares climbed 2.3%, the best price performer
on the FTSE 100, as the mining company said it's looking at making
changes in its product portfolio and that a "demerger of a
selection of assets is our preferred option." BHP's board will meet
next week.
BHP said it wants to focus on its major iron-ore, copper, coal
and petroleum assets, and, potentially, its potash business. That
would indicate that assets such as nickel, aluminum and bauxite may
be spun off.
The FTSE 100 was up 0.6% at 6,7299.01, holding to gains after
the U.K. government revised its second-quarter gross domestic
product estimate to 3.2% on a year-over-year basis, aided by
strength in the construction sector. The preliminary estimate from
the Office for National Statistics, released in July, was 3.1%.
Growth for the second quarter from the first quarter was confirmed
at 0.8%.
The pound (GBPUSD) rose following the GDP data, trading at
$1.6694 compared with $1.6688 late Thursday.
The Office for National Statistics in July said GDP was 0.2%
higher than the pre-financial crisis peak in the first quarter of
2008.
The FTSE 100 is on track for a weekly increase of 2.5%.
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