By Sarah Thompson
Oct. 23 (Bloomberg) -- U.K. stocks rose for the first time in three days, led by Man Group Plc and Lloyds TSB Group Plc, as investors speculated the recent sell-off in shares of financial companies was overdone.
Unilever and Reckitt Benckiser Plc gained after Nestle SA, the world's largest food company, said nine-month sales increased 3.4 percent and raised its forecast for annual revenue growth.
The FTSE 100 Index increased 20.97, or 0.5 percent, to 4,061.86 at 9:02 a.m. in London. The FTSE All-Share index advanced 0.4 percent and Ireland's ISEQ index gained 2.2 percent.
Japan's Nikkei 225 Stock Average lost 3.1 percent to 8,408.60, paring a drop of as much as 7.6 percent earlier today.
``The turn-around in Asia has inspired investors in the U.K. to take the plunge,'' said Mark Outten, senior dealer at GFT Global Markets in London. ``There's been a lot of volatility and people are really just dipping a toe in at this stage.''
Man Group, the world's largest publicly traded hedge fund management company, added 3.8 percent to 367.5 after the net asset value of its largest fund, AHL Diversified Plc, gained 1.9 percent to $38.04.
Lloyds TSB, one of the lenders making use of the U.K. government's 37 billion-pound ($63 billion) bailout program, increased 2.7 percent to 172. The stock has fallen 64 percent this year.
Unilever, the world's second-largest consumer-products, added 4 percent to 1,411 pence. Sales climbed to 81.36 billion Swiss francs ($70 billion) from 78.71 billion francs a year earlier, Switzerland-based Nestle said today. Nestle expects annual revenue growth before acquisitions, divestments and currency fluctuations to be about 8 percent, up from at least 7.4 percent.
Reckitt, the world's largest maker of household cleaners, advanced 3 percent to 2,501.
The following stocks also gained or fell in the U.K. market. Stock symbols are in parentheses.
U.K. companies:
Cattles Plc (CTT LN) added 2 pence, or 5.8 percent, to 36.75. The U.K. provider of subprime loans said earnings in the second half of the year are meeting its forecast as it progresses with a plan to get a banking license.
Informa Plc (INF LN) advanced 7.25 pence, or 3.5 percent, to 213.25. The U.K. publisher of Lloyd's list said full-year revenue will be in line with management expectations, with publishing sales increasing 10 percent in the year to date.
Go-Ahead Group Plc (GOG LN) increased 37 pence, or 2.4 percent, to 1,570. The biggest bus operator in London said first- quarter trading is in line with expectations.
InterContinental Hotels Group Plc (IHG LN) gained 11 pence, or 2.1 percent, to 547. The owner of the Crowne Plaza lodging brand was raised to ``buy'' at UBS AG, which said ``the 50 percent decline in the stock over the last 12 months looks exaggerated.''
Raymarine Plc (RAY LN) slumped 33.25 pence, or 53 percent, to 30. The U.K. maker of electronic marine products such as fish- finders said full-year profit will ``significantly'' miss analysts' estimates as fewer boats are built.
Wolseley Plc (WOS LN) increased 1.25 pence, or 0.4 percent, to 306. The world's biggest distributor of plumbing and heating equipment will fire 3,000 jobs at its unprofitable U.S. Stock Building Supply unit following the worst housing slump since the Great Depression and a failed attempt to sell the business.
To contact the reporters on this story: Kevin Crowley in London kcrowley1@bloomberg.netSarah Thompson in London at sthompson17@bloomberg.net.
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