FTSE 100 begins week on front foot despite weaker than expected UK GDP figures

FTSE 100 started the week on the front foot despite slightly weaker than expected UK GDP figures. The blue-chip index was trading 76 points higher in early morning trade at 7,427.

Britain’s economy grew 0.2% in July after a sharp drop the month before. The services sector was the largest contributor, helped by the women’s football European championship.

Mike Ashley’s Frasers Group is one of the frontrunners to take over the historical tailor Gieves & Hawkes after its Hong Kong-based owner collapsed into liquidation. Suitors are expected to table bids this week.

Entain is being investigated by the Australian financial crimes regulator to see if the British sports betting giant is complying with anti-money laundering and counter-terrorism laws. The probe follows an extensive supervisory campaign covering the whole corporate bookmaking sector, said the authorities.

Greatland Gold PLC (AIM:GGP, OTC:GRLGF) has secured up to A$340mln in new funding that it expects will fully fund its 30% share of developing the world-class Havieron gold-copper deposit in Western Australia. It also unveiled three big-hitting board appointments.

Canadian Overseas Petroleum has upgraded its reserves and NPV to US$492mln following the completion of the acquisition of Cuda Energy’s assets. The deal highlighted the benefit of the timing of the acquisition in a high oil price environment, COPL added.

Condor Gold released the results of a bankable feasibility study on the economics of the La India open pit gold project in Nicaragua. The post-tax and post-upfront capital cost net present value is US$86.9mln, using a discount rate of 5%.

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