LONDON (MarketWatch) � Britain�s benchmark stock index ended in positive territory on Friday, as better-than-expected U.S. jobs data raised hopes that the country�s recovery was on track.
The FTSE 100 UK:UKX �settled 0.5% up at 5,887.49, to finish a third consecutive day on higher ground. However, the index posted a weekly loss of 0.4%.
The benchmark lingered in the red in earlier trading, but turned aroundthe after news that the U.S. economy added 227,000 jobs in February. The figure, reported by the U.S. Labor Department, exceeded the 213,000 jobs expected by economists surveyed by MarketWatch. The unemployment rate remained at 8.3%.
Investors also digested the results of a bond-swap deal between the Greek government and its private-sector creditors.
The Greek government said Friday that more than 80% of its creditors had agreed to a bond swap scheme that will help save the country from default and secure a second bailout package from international lenders.
Click to Play Greece passes key debt testGreece has just completed details of the largest sovereign bail out in history that will restructure about $264 billion of debt. But, there could still be some fall out. Dow Jones's Martin Essex and Costas Paris discuss the details. Photo: Reuters
Aggreko PLC UK:AGK �topped the index after reporting its full-year results. Profit after tax rose to 231.5 million pounds ($364.7 million) in 2011, up 8.6% from 213.1 million pounds in 2010. Aggreko shares rallied 4%.�
Old Mutual PLC UK:OML �was also up on earnings and scored a 1.2% gain. The insurer reported an 8% increase pre-tax profit adjusted to account for its Nordic unit being discontinued.
Real estate stocks pushed higher in afternoon trading, with Land Securities Group PLC UK:LAND �rising 2.2%.
British Land Co. PLC UK:BLND advanced 1.8% and Hammerson PLC UK:HMSO �jumped 1.5%.
Supermarkets headed north, led by Wm. Morrison Supermarkets PLC UK:MRW , which bounced 1.8% higher. J Sainsbury�PLC UK:SBRY �rose 1.1%, while Tesco PLC UK:TSCO � tacked on 1.3%.
Telecommunications company BT Group PLC UK:BT.A �gave positive support with a 1.2% gain, as did pharmaceutical firm AstraZeneca PLC UK:AZN , which added 1.3%.
Media stocks rose after UBS lifted its rating on the U.K. sector to overweight from neutral, identifying its exposure to the U.S. macroeconomic and dollar strength as a key benefit.
ITV PLC UK:ITV added 0.6%, British Sky Broadcasting Group PLC UK:BSY �climbed 0.4% and Reed Elsevier PLC UK:REL �also advanced 0.5%.
It was a mixed session for resource stocks.
After spending much of the day on the downside, miners Randgold Resources Ltd. UK:RRS �and Vedanta Resources PLCUK:VED �ended among the index�s top climbers. Randgold Resources shares were up 2.1%, while Vedanta Resources added 2%.
BHP Billiton PLC UK:BLT �BHP and Rio Tinto PLC UK:RIO �gained 1.8% and 1.4%, respectively.
However, Fresnillo PLC UK:FRES �shed 1.3% to land close to the bottom of the FTSE 100. Deutsche Bank downgraded its rating on the stock to hold from buy.
Kazakhmys PLC UK:KAZ �declined by 0.8% and Antofagasta PLC UK:ANTO �was down 0.4%.
Some oil stocks pulled back, including BG Group PLC UK:BG �, which traded 0.6% lower. Tullow Oil PLC UK:TLW �was earlier cut to hold from buy at Societe Generale and slid 0.9%.
In contrast, Societe Generale lifted Cairn Energy PLC UK:CNE �to buy from hold. Cairn settled 2.3% higher.
Carnival PLC UK:CCL �declined by 0.5% on its first-quarter earnings. The cruise operator swung to net loss of $139 million in the quarter from a profit of $152 million in the year-ago period. The company also issued a new earnings forecast, which fell below expectations.
Vodafone Group PLC UK:VOD �lost 0.9%, to weigh on the index.
Insurer Admiral PLC UK:ADM �fell on broker action, losing 0.3%. Bank of America Merrill Lynch analysts downgraded Admiral to underperform from neutral, citing headwinds to top-line growth as a reason for the move.
Barclays PLC UK:BARC �BCS �ended flat, after it announced it had cut Chief Executive Bob Diamond�s pay by one-third, after a difficult year for the company. In its annual report, Barclays said it had reduced its total 2011 remuneration for top staff by 22%.
Outside the benchmark, London Stock Exchange Group PLC UK:LSE �rallied 6.4%, after the firm announced it had struck a deal to buy a 60% stake in clearing house LCH.Clearnet Group Ltd.
No comments:
Post a Comment