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London Stocks Set for Weekly Loss; Indivior Jumps

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Jan 15 Reuters British shares dropped on Friday and were set to close the week lower as fresh lockdowns and rising virus cases dampened hopes of a swift economic recovery, while drugmaker Indivior gained on higher revenue forecast.

The British economy will take more than two years to recover to its precoronavirus level, a Reuters poll found, with more than 70 economists saying it would contract 1.4 this quarter.

The bluechip FTSE 100 index fell 0.5, with mining and construction stocks declining the most.

The UK economy shrank by 2.6 in November, its first monthly fall in output since the depths of an initial COVID19 lockdown in April, as new movement restrictions were imposed, but the drop was much lower than the average forecast.

Aircraft parts supplier Meggitt gained 3.0 after it said the recent launch of COVID19 vaccines and pentup demand could support a recovery in civil aviation this year.

Indivior Plc gained 6.2 after raising its annual revenue forecast, while AstraZeneca slipped 0.3 even after its cancer drug Imfinzi received approvals in Europe and Britain.

Reporting by Shashank Nayar in Bengaluru; Editing by Subhranshu Sahu

Source Reuters

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