UK Stocks Rise; Man Group Shares Lead FTSE 100 Index Higher
23.02.96
May 3 (Bloomberg) -- U.K. stocks gained as markets opened after an extended holiday weekend amid optimism that earnings growth will drive equities higher.
Man Group Plc climbed 3.3 percent after raising $1.5 billion from Japanese investors. Johnson Matthey Plc advanced 2.1 percent as Goldman Sachs Group Inc. upgraded estimates after rival Umicore SA, the world’s largest precious-metals recycler, forecast increased earnings. BHP Billiton Ltd., the world’s largest mining company, led basic-resource shares lower.
The benchmark FTSE 100 Index gained 12.98, or 0.2 percent, to 6,082.88 at the 4:30 p.m. close in London, the highest level since Feb. 18. The FTSE All-Share Index also rose 0.2 percent while Ireland’s ISEQ Index slid 1 percent. U.K. markets were closed on April 29 and May 2 for holidays.
“We continue to see a positive 6-12 month outlook for equities, with significant new highs expected,” Mislav Matejka, the head of European equity strategy at JPMorgan Chase & Co. wrote in a report. “The earnings season has been impressive so far.”
Source: BusinessWeek