London pre-open: Stocks seen up as investors mull UK GDP

(Sharecast News) - London stocks were set to rise at the open on Friday following a positive close on Wall Street, as investors mulled the latest UK growth data. The FTSE 100 was called to open 13 points higher at 7,614.

CMC Markets analyst Michael Hewson said: "European markets look set to open higher after US markets managed to rebound into the close after treasury yields retreated from their highs of the day to finish the day lower."

On home shores, figures released earlier by the Office for National Statistics showed that the economy grew more than initially estimated in the first quarter.

GDP rose by 0.3% between January and March, up from the 0.1% growth previously estimated.

ONS chief economist Grant Fitzner said: "Our new estimates indicate a stronger performance for professional and scientific businesses due to improved data sources.

"Meanwhile, healthcare grew less because of new near real-time information showing the cost of delivering services."

In corporate news, specialist media firm Future held annual earnings guidance despite volatile markets, but warned that trading conditions remain mixed.

Audience numbers stabilised in the second half and the group had positive month-on-month momentum in the final quarter, Future said in a trading update for the year to September 30, 2023.

As a result, adjusted operating profit is expected to be in line with the company's own compiled forecasts of £254.1m, "delivering a resilient performance despite continued macroeconomic volatility impacting our sector".

Aston Martin said that chairman Lawrence Stroll's Yew Tree Consortium has upped its stake in the company by 3.27% to 26.23%.

Stroll said: "This additional investment demonstrates the Yew Tree Consortium's continuing confidence and belief in the future of Aston Martin. The company has delivered a major turnaround since the Yew Tree Consortium's initial investment three years ago.

"We have rebuilt this iconic company, transforming it into an ultra-luxury brand, with a portfolio of highly desirable, performance-driven cars."

Elsewhere, Rathbones chief financial officer Jennifer Mathias is stepping down at the end of the year to become group chief of staff to support the integration of Investec Wealth & Investment Limited (IW&I), the company said.

The board said it had appointed Iain Hooley as Mathias's successor, subject to regulatory approval. Hooley was finance director of IW&I UK for more than a decade and was appointed CEO of IW&I UK in February this year and these responsibilities will continue during the integration period.

"During the intervening period, Jennifer and Iain will continue to work closely to ensure there is a smooth transition. Jennifer will remain a member of Rathbones' group executive committee in her new role," the company said.