FTSE 100 Seen Opening Higher as UK Economy Avoids 1Q Contraction

0643 GMT - The FTSE 100 is seen opening higher as data confirm the U.K. avoided a contraction in the first quarter. IG futures data show the London index opening 25 points higher. The Office for National Statistics said U.K. gross domestic product rose 0.1% quarter-on-quarter in the first quarter, unrevised from the previous estimate and as expected by analysts in a Wall Street Journal survey. "One thing we do know is that with the recent increase in gilt yields is that the second half of this year is likely to be even more challenging than the first half, and that the U.K. will do well to avoid a recession over the next two quarters," CMC Markets analyst Michael Hewson writes. (renae.dyer@wsj.com)

COMPANIES NEWS:

Barratt Developments Agrees to GBP168.4 Mln Sale of Homes to Lloyds Banking Subsidiary

Barratt Developments said Friday that it has agreed to the future sale of 604 homes to Citra Living Properties, a wholly-owned Lloyds Banking Group subsidiary, for a total cash consideration of 168.4 million pounds ($212.4 million).

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Vanquis Banking Names Peter Estlin as Next Chair Subject to Regulatory Approval

Vanquis Banking Group Friday named independent nonexecutive director Peter Estlin as its next chair, taking over from Chair Patrick Snowball, subject to regulatory approval.

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Endeavour Mining Cuts 2023 Production Guidance After Non-Core Asset Sale

Endeavour Mining on Friday cut its 2023 production guidance as it sold two of its non-core mines in Burkina Faso for more than $300 million in cash and net smelter return royalties.

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Pendragon Says Chairman Plans to Step Down; Positive Momentum Persists into 2Q

Pendragon said Friday that nonexecutive Chairman Ian Filby intends to step down to pursue other interests, and that positive business momentum has persisted in the second quarter of the year.


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(END) Dow Jones Newswires

06-30-23 0302ET