FTSE 100 ends lower as UK growth improves

• FTSE 100 down 21 points
• Banks and oils in favour
• Simigon (AIM:SIM) and Minds + Machines to delist

4:50pm: FTSE 100 ends lower, US stocks mixed midday   

The FTSE 100 finished the day on a down note, falling 21 points, or 0.3%, to 7,543, even as data showed that UK GDP improved by 0.9% in November compared with forecast growth of 0.4%.

“The afternoon session saw indices take a swift dive further into the red, but while most markets are still trading lower a small recovery off the lows has been witnessed,” IG chief market analyst Chris Beauchamp said.

“Nonetheless the optimistic view has had a hard time prevailing this week, and it looks like investors continue to sell into strengthen, pointing towards a further negative atmosphere as the second half of January gets underway,” Beauchamp added.

Notable movers included shares of Cineworld Group PLC (LSE:CINE), which gained more than 4% after the cinema chain announced that it had generated positive cash flow in 4Q as revenue in December was lifted by a ‘strong’ box office performance from Spider-Man: No Way Home.

3:25pm:

The tech sell-off has continued but seeing as London hardly has any tech stocks, it has not affected the FTSE 100 much.

The FTSE 100 was down 3 points (0.0%) at 7,561, with its equilibrium largely down to the strength of banks and oils.

BP PLC (LSE:BP.) and Royal Dutch Shell PLC (LSE:RDSB) are up 1.5% and 1.1% respectively, as the price of Brent Crude headed 1.0% higher today to US$85.33 a barrel.

Among the banks, Asia-focused Standard Chartered PLC (LSE:STAN), up 2.2% at 522.6p, is the Footsie’s top riser while UK-focused Lloyds Banking Group PLC (LSE:LLOY), up 1.3% at 54.66p, is also wanted.

Among the small caps, delisting has been the theme of the day.

Simigon (AIM:SIM) Limited rose 24% to 5.25p after it agreed to merge with Power Breezer Sub Ltd and Maxify Solutions Inc.

The modelling, simulation & training solutions specialist said the deal works out at around 16.5 US cents per share, valuing the company at US$8.5mln.

Assuming shareholders approve the deal, it is proposed that the company will cancel its admission to trading on AIM of its shares, as otherwise, SimiGon’s shareholders will end up holding shares in Maxify, which will be a private company with no liquidity in its shares.

Minds + Machines Group Ltd, the internet domain company, plans to wind itself up by returning its remaining capital to shareholders and canceling its listing on the AIM market of the London Stock Exchange.

The company said it will return up to £19mln to shareholders via a tender offer at 10.4p per share, which represents a premium of 26.1% on yesterday’s closing price. Shares today are trading at 9.6p, up 16%.

2.55pm: Mixed start for US equities

Wall Street stocks have got off to a mixed start on Friday, following weak retail sales and industrial output data.

US retail sales in December dropped 1.9% on the month before, the first decline in five…