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U.K. stocks advanced on Wednesday and the pound held steady after GDP data for March beat market expectations. <\/p>\n
The U.K. economy<\/span> contracted in the first quarter as school closures and a large fall in retail sales earlier in the quarter dragged down growth, the Office for National Statistics reported.<\/p>\n Gross domestic product shrank 1.5 percent sequentially, reversing a 1.3 percent rise in the fourth quarter. Economists had forecast a sequential drop of 1.6 percent. <\/p>\n GDP grew 2.1 percent month-on-month in March as schools and some part of the economy reopened through the month. <\/p>\n The benchmark FTSE 100 was up 40 points, or 0.6 percent, at 6,989 after falling as much as 2.5 percent on Tuesday. <\/p>\n Spirits maker Diageo rallied 3 percent. The company restarted its capital return program and said that it expects to report organic operating growth of at least 14 percent in fiscal 2021.<\/p>\n UDG Healthcare shares soared 21 percent. The pharmaceuticals services company has agreed to a 2.61 billion-pound ($3.69 billion) takeover by Clayton, Dubilier & Rice.<\/p>\n Just Eat Takeaway.com NV tumbled 3.7 percent after rival food delivery firm Delivery Hero SE announced plans to re-enter its home market of Germany next month. <\/p>\n<\/p>\n Market Analysis<\/p>\n<\/div><\/div>\n