London midday: Stocks fall as GDP data quashes stimulus hopes

Better-than-expected growth figures from the UK underwhelmed stock markets on Thursday morning, tempering hopes that the Bank of England (BoE) would ease policy to boost the economy.Stocks have risen strongly over the past few days after a number of disappointing economic figures from the Eurozone sparked speculation that the European Central Bank (ECB) would move to cut rates at its next meeting.However, data from the UK this morning had the opposite effect after showing that Britain had easily avoided a triple-dip recession in the first quarter, growing by 0.3%. Consensus estimates were for a 0.1% expansion in gross domestic product (GDP)."This figure really did surprise us; I don't think we were the only ones thinking that the risks of a surprise were skewed to the downside. [...] With the Eurozone recession deepening and the global climate looking gloomy in general, I don't think many people are expecting UK growth to kick on from here," said Caxton FX Analyst Richard Drivers."However, it was crucial for confidence that the UK avoided a triple-dip and it makes a quantitative easing response from the BoE considerably less likely in May. It will be a huge relief to George Osborne and puts him in a stronger position to defend his austerity programme." FTSE 100: Miners and Vodafone lead the upsideMining stocks were performing strongly early on as metals prices advanced: Randgold, Antofagasta and EVRAZ were making gains.Polymetal also rose after saying that it has "significantly de-risked" the achievement of its full-year production targets after a stable first quarter. However, the company said that it has initiated a review of all discretionary capital spending including exploration projects due to the recent sharp falls in gold and silver prices. Telecoms group Vodafone was making gains on the back of a Reuters article last night that said that Verizon could make a $100bn cash-and-stock bid for Vodafone's 45% stake in Verizon Wireless.Heading the other way was consumer good group Unilever after it had to rely on robust growth from emerging markets as it grew marginally slower than expectations in the first quarter.Car insurer Admiral was lower after reporting a fall in turnover for the first quarter as tough economic conditions gripped the UK.AstraZeneca was in the red after saying that a loss of exclusivity on several of its brands was to blame for a 12% fall in first-quarter revenue at the pharmaceuticals giant.British American Tobacco impressed after saying it had made a "good start to 2013" as it managed to increase first-quarter revenues despite a slip in volumes.Speciality chemicals firm Croda edged higher after saying that it has ramped up its first-quarter pre-tax profit and expects to report further progress in 2013.FTSE 100 - RisersRandgold Resources Ltd. (RRS) 5,245.00p +3.96%IMI (IMI) 1,238.00p +2.48%Vodafone Group (VOD) 197.80p +2.38%British American Tobacco (BATS) 3,622.50p +2.10%Standard Life (SL.) 388.40p +2.02%Old Mutual (OML) 204.40p +1.54%Antofagasta (ANTO) 925.00p +1.48%Rexam (REX) 517.00p +1.47%Johnson Matthey (JMAT) 2,446.00p +1.45%Pearson (PSON) 1,155.00p +1.32%FTSE 100 - FallersAstraZeneca (AZN) 3,297.00p -2.74%Unilever (ULVR) 2,784.00p -2.14%Sainsbury (J) (SBRY) 379.90p -1.81%National Grid (NG.) 794.00p -1.61%Associated British Foods (ABF) 1,920.00p -1.54%Admiral Group (ADM) 1,329.00p -1.48%Prudential (PRU) 1,081.00p -1.46%Shire Plc (SHP) 1,983.00p -1.44%Diageo (DGE) 1,964.50p -1.43%Standard Chartered (STAN) 1,612.50p -1.41%FTSE 250 - RisersInternational Personal Finance (IPF) 517.00p +7.64%Petropavlovsk (POG) 152.80p +7.00%Elementis (ELM) 264.70p +6.99%Centamin (DI) (CEY) 42.61p +6.79%Ocado Group (OCDO) 156.70p +4.61%Lonmin (LMI) 285.60p +4.31%Dialight (DIA) 1,299.00p +4.25%St James's Place (STJ) 545.50p +3.51%Pace (PIC) 247.00p +3.35%UBM (UBM) 712.00p +3.19%FTSE 250 - FallersSDL (SDL) 368.70p -4.26%Fenner (FENR) 366.60p -3.27%Rank Group (RNK) 168.20p -3.22%Bwin.party Digital Entertainment (BPTY) 125.90p -3.15%Barr (A.G.) (BAG) 538.50p -2.00%Anite (AIE) 120.20p -1.48%JPMorgan Indian Inv Trust (JII) 386.50p -1.30%Dixons Retail (DXNS) 37.04p -1.23%COLT Group SA (COLT) 120.50p -1.23%ICAP (IAP) 290.70p -1.22%BC