Higher Metals Lift UK Stocks; Ashmore Up

Mayank Mehta
14 Apr, 2010
New York City

UK stocks gyrated with metals and oil prices in London and New York trading. Ashmore Group Plc gained after assets under management increased 4% in the three months to March. Burberry closed higher after Christian Dior sales increased 12% in the first quarter.

[R]4:00 PM London, 11:00 AM New York – UK stocks gyrated with metals and oil prices in London and New York trading. Ashmore Group Plc gained after assets under management increased 4% in the three months to March. Burberry closed higher after Christian Dior sales increased 12% in the first quarter.[/R]

Stocks in London traded higher after metals and commodities rebounded on the estimates of economic expansion in China in the first quarter to reach 11.5%. Copper, gold and silver traded higher.

In London FTSE 100 Index closed higher 34.59 or 0.60% to 5,796.25 and the pound edged higher to close at $1.544 and to close at €1.134.

Miners led the gainers. Xstrata Plc gained 2.4% to 1,291 pence, Rio Tinto added 2.1% to 3,959.50 pence and Kazakhmys increased 1.9% to 1,556 pence after the mining index rose 1.9%.

Gainers & Losers

Alterian plc closed unchanged at 172.00 pence after the marketing software firm estimated 14% revenues increase in fiscal year ending in March and 10% gain on a constant currency basis. Operating profit is expected to grow approximately 25%.

Ashmore Group plc rose 0.2% to 280.60 pence after the emerging markets asset manager Wednesday said that total assets under management for the third quarter ended March increased 4% from last year.

Burberry advanced 2.9% to 717 pence after Christian Dior based in France reported first quarter revenues increased 12% to 4.65 billion euros.

The Capita Group Plc decreased 0.6% to 793.00 pence after the outsourcing company appointed Dr Nigel Wilson as a Non-Executive director.

Fresnillo Plc rose 0.7% to 852.00 pence after the silver and gold producer quarterly attributable silver production of 9.5 million ounces, up 3% compared to the first quarter 2009 excluding the production Sabinas Silverstream.

Galliford Try plc rose 1.9% to 347.50 pence after the homebuilder said it has entered into agreements with the affordable housing provider, Affinity Sutton Group, to acquire and develop two sites for a total of 296 homes in the south east of England.

Homeserve plc gained 5.4% to 1,892 pence after the home maintenance specialist today announced the expansion of its international operations and the development of its US business with the purchase of service contract business from National Grid Energy Services LLC.

Innovation Group Plc closed unchanged at 12.25 pence after the property and insurance software firm announce that one of the vehicle management groups has chosen to extend its relationship with the company by entering into a new three year contract from net year January for accident management services in the US.

JD Sports Fashion PLC slipped 1.2% to 730.00 pence after the sportswear and fashion retailer said 2009 revenues rose 15% to £769.8 million to £670.9 million a year ago. Pre-tax profit for the year rose 61% to £61.4 million compared to £38.2 million a year ago.

WS Atkins plc added 2.6% to 667.00 pence after the engineering consultant as part of the Engage consortium signed contract €150 million for with Fusion for Energy.

FTSE 100 Index Movers

Of the stocks in the FTSE 100 index, 63 increased, 37 declined and 2 were unchanged.

Legal & General Group Plc decliners in the FTSE 100 index with a loss of 1.82% followed by losses in Associated British Foods Plc of 1.77%, in Cobham Plc of 1.38%, in Next Plc of 1.29%, and in British American Tobacco Plc of 1.24%.

BT Group Plc led gainers in the FTSE 100 index with a rise of 4.37% followed by increase in Eurasian Natural Resources Corporation Plc of 4.01%, in Barclays Plc of 2.89%, in Burberry Group Plc of 2.87%, and in Fresnillo Plc of 2.84%.