Gross domestic product collapsed in the second quarter, shrinking 20.4 per cent, but the blue-chip index outperformed regional peers with its 2 per cent gain as data showed growth restarted in May and quickened by a record single-month increase in June, slightly beating forecasts.
Gross domestic product collapsed in the second quarter, shrinking 20.4 per cent, but the blue-chip index outperformed regional peers with its 2 per cent gain as data showed growth restarted in May and quickened by a record single-month increase in June, slightly beating forecasts. "UK is one of the cheaper markets out there and it's one of the markets that investors expect to outperform if data continues to improve in the next few months," said Andrea Cicione, head of strategy at TS Lombard.
The lower valuation will also help UK markets benefit from a rotation to value from growth - the first signs of which are being seen through a rally in technology stocks in the United States, Mr Cicione added. Financials, health care and consumer staples led gains, while a surge in crude prices lifted oil stocks, helping the FTSE 100 extended gains to a fourth straight session.
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