FTSE 100 up 0.7, FTSE 250 adds 0.4
Rentokil jumps after report Trian Fund Management amassed significant stake
Legal General falls after its 254.9 million buyback, merging investment units
British economy was flat in April as expected

June 12 Reuters London stocks moved higher on Wednesday, prompting bets of an earlier rate cut after data showed the British economy slowed to a halt in April, while pest control firm Rentokil Initial added to the gains.

The bluechip FTSE 100 was up 0.7 at 8,201.79 points, set for the best intraday percentage gain in over a month and on track to snap a threeday losing streak.

The midcap FTSE 250 edged 0.4 higher.

In the past two weeks, the benchmark index has dipped thrice below the 8,200 level, often regarded as one of the key signals indicating a potential shift towards a correction.

Meanwhile, a swift rebound in Britain39;s economy in early 2024 came to a halt in April after data showed economic output was flat for the month.

Traders are now pricing in nearly a 40 chance of an August rate cut by the Bank of England.

That we didn39;t see a contraction in UK39;s GDP was not considered as negative growth. It being flat is actually being taken as good news by markets because it feels like a blip, Danni Hewson, head of financial analysis at AJ Bell.

Among individual stocks, Rentokil Initial surged 13.2 after Bloomberg News reported that Nelson Peltz39;s Trian Fund Management has amassed a significant stake in the pestcontrol…