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* Brexit hangs in the balance ahead of Sunday deadline
* UK GDP growth slows to six-month low in October
* Sportswear group Frasers jumps as core earnings surge
* FTSE 100 up 0.5%, FTSE 250 slips 0.6%
(Updates to close)
By Sagarika Jaisinghani and Shashank Nayar
Dec 10 (Reuters) - London's mid-cap index ended lower on
Thursday as Britain and the European Union extended the deadline
for a Brexit trade deal, while the export-heavy FTSE 100 gained
on a weaker pound and higher oil prices.
The domestically focussed FTSE 250, considered a
barometer for Brexit sentiment, shed 0.6% as Prime Minister
Boris Johnson and the EU's chief executive gave themselves until
Sunday to seal a new pact and avoid a tumultuous Brexit in three
weeks' time.
The blue-chip FTSE 100 rose 0.5%, as oil prices
jumped to $50 per barrel for the first time since March on
vaccine optimism and as a weaker British pound supported the
export-heavy index. [O/R}
Oil majors BP and Royal Dutch Shell were
among the top gainers on the index.
“Brexit developments are affecting UK's economic outlook
with most institutional investors refraining from increasing
their exposure towards British equities," said Emma Wall, head
of investment analysis at Hargreaves Lansdown.
"Although we see optimism among retail investors as they
continue to consider positive vaccine developments as a higher
driver.”
A raft of stimulus measures coupled with vaccine optimism
has helped the FTSE 250 gain nearly 54% from its multi-year lows
in March, but the index is down about 10% as fears of a no-deal
Brexit and spreading COVID-19 infections kept risk sentiment in
check.
The European Union also laid out contingency plans for a
'no-deal' Brexit at the end of the year to minimise disruption
to air traffic and road and rail travel after talks between
British and EU leaders failed to break an impasse.
Latest data showed Britain's economic recovery almost ground
to a halt in October, while another report warned the domestic
economy was unlikely to return to its pre-COVID-19 size until
the end of 2022.
In company news, Mike Ashley's sportswear group Frasers
jumped 12.9% after reporting a 25% rise in first-half
core earnings.
Online supermarket Ocado Group fell 7.2% even as it
raised its core earnings forecast for 2019-20 for the second
time in two months.
(Reporting by Sagarika Jaisinghani and Shashank Nayar in
Bengaluru; Editing by Arun Koyyur and Tom Brown)
