UK Stock Market Muted Amid Mixed Economic Signals

The UK stock market remained flat, affected by declines in AstraZeneca and GSK shares. Britain's unexpected economic contraction in September posed early challenges for finance minister Rachel Reeves. The FTSE 100 saw minimal gains, while midcap FTSE 250 stayed flat amid a mixed outlook for the economy.

The UK's leading stock indices remained subdued on Friday as major pharmaceutical companies AstraZeneca and GSK experienced notable losses, impacting the blue-chip FTSE 100. Despite this, the index managed to inch up by 0.1% due to a recovery in mining stocks.

Economic data painted a grim picture, revealing that Britain's economy contracted unexpectedly in September. This development poses an early challenge to finance minister Rachel Reeves' plans to revitalize economic growth after third-quarter figures showed only marginal expansion.

In business news, TT Electronics saw a substantial rise of 37% as it rejected takeover offers from Volex Plc, while Land Securities gained 2% following optimistic earnings forecasts, signaling mixed fortunes in the overall market landscape.

(With inputs from agencies.)