UK Indexes Gain on Greek Hopes; Accenture Net Rises 24%

Arthi Gupta
24 Jun, 2011
New York City

The UK indexes rose on hopes of a resolution to the Greece debt crisis. The Bank of England Governor Mervyn King said that the euro-zone debt crisis poses a significant threat to the financial stability in the United Kingdom. Berkeley Group fiscal year 2011 sales and net advanced.

[R]3:30 PM London – The UK indexes rose on hopes of a resolution to the Greece debt crisis. The Bank of England Governor Mervyn King said that the euro-zone debt crisis poses a significant threat to the financial stability in the United Kingdom. Berkeley Group fiscal year 2011 sales and net advanced.[/R]

European leaders are due to meet for a second round of talks in Brussels today after pledging more financial aid to Greece on condition that the Greek parliament passes an austerity plan in the next two weeks.

There is widespread optimism that the Greek Parliament will vote in favor of the unpopular austerity measures to avoid a debt default.

The Bank of England Governor Mervyn King said that the euro-zone debt crisis poses a “significant threat” to the financial stability in the United Kingdom and urged banks to provide more information on their exposures in the region.

In London, FTSE 100 Index gained 28.94 or 0.6% to 5,702.92 and the pound edged higher to $1.6004. For the week, the FTSE 100 Index fell 0.19%.

Rolls-Royce and Daimler Secure 94% of Tognum

Daimler AG and Rolls-Royce Holdings plc have secured 94.17% of shares in Tognum after their successful tender offer. During the extended offer period, shareholders representing 35.82% of Tognum’s share capital have tendered their shares into the offer made by the companies’ joint venture, Engine Holding GmbH.

The final total of 94.17% also includes the 1.52% of the share capital that was acquired by the joint venture on the stock market during the earlier acceptance period.

Gainers & Losers

Accenture Plc rose 0.8% to $55.69 after the management consulting, technology services and outsourcing company said third quarter net revenues, or revenues before reimbursements, increased 21% to $6.7 billion from $5.6 billion in the same quarter last year.

Net income in the quarter climbed 28% to $628 million or 93 cents a share compared to $490.6 million or $0.73 per share in the prior-year quarter.

Barclays PLC fell 1.99% to 238.50 pence.

Bunzl plc climbed 0.07% to 751.00 pence after the distributor of non-food consumable products said that it expects a 6% rise in group revenue at constant exchange rates for the first-half.

Rio Tinto Plc surged 3.64% to 4,308 pence after the Anglo-Australian mining giant appointed Eric Finlayson as new chief executive officer of Riversdale Mining Limited.

The Berkeley Group Holdings plc soared 8.93% to 1,232.00 pence after the homebuilder stated fiscal year 2011 revenue grew 21% to £742.61 million from £615.3 million a year ago.

Annual profit rose 19.4% to £95.11 million or 70.3 pence a share from £79.67 million or 58.7 pence per share a year ago.

The company also announced a long term strategic plan, aiming to return £1.7 billion in cash to its existing shareholders over ten years.