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* UK economy grows by slower-than-expected 1.1% in Sept
* Britain has always worked hard to get EU deal - PM
spokesman
* Legal and General slips on keeping 2020 dividend flat
* FTSE 100 down 0.7%, FTSE 250 falls 0.2%
(Adds comment; updates to close)
By Devik Jain
Nov 12 (Reuters) - London's FTSE 100 slipped on Thursday
after rallying more than 7% this week as slower-than-expected
domestic economic growth in September underscored concerns about
a faltering recovery from the coronavirus-driven recession.
The blue-chip FTSE 100 index closed down 0.7%, with
engineering company Rolls-Royce Holdings Plc tumbling
8.6% as it raised 2 billion pounds from a rights issue after
shareholders signed up for 94% of the new shares and the rest
were sold via a rump placing.
Bank and energy stocks were among
the biggest draggers after having surged more than 14% and 17%
respectively this week.
After rising as much as 0.5% in afternoon trade, the
domestically focused mid-cap FTSE 250 ended 0.2% lower
as official data showed Britain's economy grew by a slower than
expected 1.1% in September from August - even before the latest
COVID-19 lockdown.
"It's going to continue to be a stuttered recovery until a
vaccine is widely available and the next couple of months are
going to be extremely challenging in managing the virus," said
Craig Erlam, senior market analyst at Oanda.
UK markets, however, have sharply rebounded this month from
a 5% fall in October as a slew of stimulus measures and positive
vaccine data supported hopes for a sooner-than-expected economic
rebound.
Britain recorded 33,470 new coronavirus cases on Thursday,
with a Imperial College study saying English infections doubled
in October ahead of the reintroduction of a national
lockdown.
On the Brexit front, Britain has been working hard
throughout the trade negotiations with the European Union to
secure a deal, a spokesman for Prime Minister Boris Johnson said
after the Irish prime minister commented that London needed to
"knuckle down".
Luxury brand Burberry Group Plc reversed course to
end 2.3% lower even after its sales returned to growth in
October.
Insurer Legal & General Group Plc fell 1.9% after
it kept its final dividend payment for 2020 flat.
Specialty chemicals maker Croda International
slipped 2.8% after Barclays downgraded the stock to
"underweight".
(Reporting by Devik Jain in Bengaluru; Editing by Devika
Syamnath, Anil D'Silva and Mark Heinrich)
