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* AstraZeneca falls on price target cut
* UK economy barely grew in October
* Data raises doubts around rate hikes
* FTSE 100 off 0.4%, FTSE 250 down 0.9%
(Adds comments, updates prices throughout)
By Bansari Mayur Kamdar
Dec 10 (Reuters) - UK's FTSE 100 and mid caps indexes
slipped for a third straight session on Friday after data
pointed to stalling economic growth in Britain, even before the
emergence of the Omicron coronavirus variant, but ended their
second week in the black.
The benchmark FTSE 100 index eased 0.4% pressured by
the healthcare sector after heavyweight drugmaker
AstraZeneca fell 2.0% after Berenberg cut its price
target on the stock.
The main index clocked its biggest weekly gain in eight
months, boosted by a strong recovery in mining stocks.
"We're seeing a flight to safety with defensive names like
British American Tobacco on the front foot," said Justin
McQueen, market analyst at DailyFX.
"The sort of news around Omicron and the government
announcing its plan B and suggestions around plan C does put the
final nail in the coffin for a rate rise next week."
Data showed Britain's economy grew by a weaker-than-expected
0.1% in October, leaving it 0.5% smaller than it was in February
2020, just before the country went into its first COVID-19
lockdown.
"The big drop in people visiting pubs, bars and restaurants
doesn't bode well for the idea that we're all rediscovering our
freedom post-lockdown. Perhaps this catalyst has now played out
and people are yearning for the warmth of their home during the
autumn and winter instead," said Russ Mould, investment director
at AJ Bell.
The domestically focussed mid-cap index fell 0.9%,
after Ashmore Group dropped 2.7% as Goldman Sachs
downgraded the asset manager to "neutral".
The numbers further raised doubts about a December rate hike
after Prime Minister Boris Johnson this week announced new
coronavirus guidelines ordering people to work from home, wear
masks in public places and use vaccine passes for bit public
events.
Capping losses on the main index, miners
gained 0.7% tracking copper prices, and defensive stocks such as
consumer staples, which tend to be less sensitive to the
economic climate, also rose.
British American Tobacco gained nearly 2.5% after a
Wall Street Journal report that said the U.S. Senate was
dropping a proposal to impose higher taxes on vaping, oral
nicotine and other NGPs.
(Reporting by Bansari Mayur Kamdar in Bengaluru
Editing by Subhranshu Sahu, Amy Caren Daniel and Frances Kerry)
