London stocks recover as UK economy stays resilient; Beazley shines

UK's FTSE 100 index bounced back on Friday after data showed that the country avoided slipping into a recession in the first three months of 2023, while insurer Beazley surged to a more than one-month high on upbeat quarterly results. The blue-chip FTSE 100 rose 0.4%, while the FTSE 250 added 0.2% by 0716 GMT.

UK's FTSE 100 index bounced back on Friday after data showed that the country avoided slipping into a recession in the first three months of 2023, while insurer Beazley surged to a more than one-month high on upbeat quarterly results.

The blue-chip FTSE 100 rose 0.4%, while the FTSE 250 added 0.2% by 0716 GMT. The FTSE 100 index ended 0.1% lower on Thursday, in its third straight session of declines. Beazley Plc rose 3.7% after reporting a sharp jump in net premiums in the first quarter, lifting the nonlife insurance sector up 1.6%.

Pearson Plc jumped 2.4% after brokerage Morgan Stanley turned bullish on the stock. Bucking the trend, THG Plc slumped 13.1% after the retailer said it had terminated talks with Apollo Global Management for a buyout deal.

Meanwhile, a report by the Office for National Statistics showed the UK economy grew as expected by 0.1% in the first quarter of 2023, despite a 0.3% contraction in March on a monthly basis. The pound added 0.1% against the U.S. dollar.