By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- The U.K.'s FTSE 100 index scored a 2.6%
weekly advance on Friday, with banks and Carnival PLC pushing
higher.
The benchmark index climbed 0.3% to close at 6,606.58, a third
day of gains, as investors digested an upward revision to the
country's gross domestic product.
Shares of Carnival PLC (CCL) rallied 3.3% after the cruise-line
operator late Thursday reported better-than-expected fourth-quarter
sales. Credit Suisse lifted the firm to outperform from
neutral.
Banks also showed positive moves, with shares of Barclays PLC
(BCS) up 0.9%, HSBC Holdings PLC (HSBC) rising 0.7% and Royal Bank
of Scotland Group PLC (RBS) 0.3% higher.
More broadly, growth data for the U.K. were in the spotlight.
The Office for National Statistics said the economy grew more than
previously thought over the past year and revised up the
year-on-year gross-domestic-product growth to 1.9% from an earlier
estimate of 1.5%, largely due to higher consumer spending.
Quarter-on-quarter, the ONS confirmed growth of 0.8%.
"The surveys are also indicating that the pace of economic
growth is likely to have accelerated further in the final quarter
of the year. Fourth-quarter GDP growth is likely to exceed 1%,
providing the December survey results show similar findings to the
strong readings seen in recent months. The all-sector PMI is
showing the strongest rate of growth since the late 1990s, with
employment likewise expanding at the fastest rate seen over the
past 15 years," said Chris Williamson, chief economist at Markit,
in a note.
Among decliners in London, shares of BAE Systems PLC (BAESY)
slid 4.5% after the government of the United Arab Emirates on
Thursday ended discussions to buy fighter jets from a consortium
led by the British aerospace and defense firms.
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