Friday, 25 November: UK indices stood to close marginally higher buoyed by a range of media, property, healthcare, and consumer discretionary stocks in a tranquil trading day, as the U.S. continued Thanksgiving celebrations with a half-day holiday. The rally in Brent crude was curtailed as a strengthening dollar inhibited gains, although some trepidation may have emerged with the forthcoming OPEC meeting on the horizon next week. The FTSE 100 finished +0.17%, as the FTSE 250 closed +0.07% higher.
Countrywide bounced back into the green today after suffering at the haste of investors earlier in the week. The stock stood 5% higher, but remains almost 11% down for the week, on sustained worries regarding growth in UK property & rental markets.
UK GDP figures were released in early trade, but did little to move the needle against foreign currencies as sterling trade was range-bound. The figures for the third quarter went unrevised, as expected, at 0.5% quarter-on-quarter, a 2.3% year-on-year read.
Further retail related data found its way onto the news feed shortly before lunch, annotating a bumper month of sales for November. The survey, published by the CBI reported a net rise in sales volumes by 26 points for respondents, the biggest margin since September 2015. Consumers were reported as stocking up on winter clothes, and the data suggests the UK is poised for another quarter of growth in the final three months of the year, despite Brexit woes. However, such a trend in consumer spending is largely expected to abate, as imported inflation impairs consumer spending power next year.