Punt gains against Sterling

The pound edged up to 84.40p against sterling as the British currency slipped following the release of weaker-than-expected growth figures yesterday.

Sterling dipped below DM3.00 after data showed that first quarter GDP grew by just 0.4 per cent, its slowest pace since the second quarter of 1995.

The figures dampened hopes of a further rise in British interest rates. The pound closed at 84.30p compared with 84.16p on Thursday and also gained ground against the dollar, finishing at $1.4074 compared with $1.4015.