UK Home Prices Decline 0.1%; Ocado Swings to Profit

Arthi Gupta
27 Jun, 2011
New York City

The UK indexes gained on optimism of a solution to the Greece debt crisis The Greek Parliament begins a debate on the austerity measures today and a parliament vote is expected on Wednesday. The UK home prices declined in June.

[R]4:00 PM London – The UK indexes gained on optimism of a solution to the Greece debt crisis The Greek Parliament begins a debate on the austerity measures today and a parliament vote is expected on Wednesday. The UK home prices declined in June.[/R]

In London, FTSE 100 Index gained 10.23 or 0.18% to 5,707.39 and the pound edged higher to $1.5975.

UK Home Prices Decline

Home prices in the UK declined in June, according to the latest survey of estate agents by Hometrack.

Prices fell 0.1% on a monthly basis in June, taking the annual decline to 3.9% and the sales volumes rose 10.6% during June.

Gainers & Losers

Cohort plc surged 23.64% to 79.75 pence after the independent technology group said fiscal year 2011 revenues declined 17% to £65.1 million from £78.1 million a year ago, primarily due to drop in revenues in its defense consultancy and surveillance systems businesses. Profit before tax for the year was £2.7 million, same as the year before.

Frontier Mining Ltd. gained 1.78% to 3.44 pence after the mineral exploration and development company stated fiscal year 2010 revenue surged 93.2% to $5.66 million from last year''s $2.93 million. Loss for the year widened 2.2% to $31.32 million or 3 cents per share versus loss of $30.64 million or 8 cents per share in the prior year.

HMV Group plc fell 2.01% to 9.26 pence after the entertainment retailer is set to announce the sale of its Canadian business to a unit of private equity firm Hilco Consumer Capital, the Sunday Telegraph reported.

HSBC Holdings Plc dipped 0.35% to 600.80 pence after the bank will merge its Saudi Arabian wholesale and investment banking business with Saudi British Bank''s SABB Securities.

SABB would have a 51% share of the new entity, to be known as HSBC Saudi Arabia Ltd, and HSBC 49%, although HSBC would retain full management control.

Ocado Group Plc plunged 9.63% to 169 pence after the Internet groceries retailer said net revenue increased 20.1% to £276.6 million from £230.3 million in the prior year for the 24 weeks ended May 15.

Profit for the period was £2.09 million or 0.40 pence per share compared to the loss of £6.71 million or 1.68 pence per share in the year-ago period.

UBM plc gained 1.87% to 518.00 pence after the global business media company agreed to sell its UK entertainment and technology product portfolio to Intent Media Ltd. for a total cash consideration of £2.4 million on behalf of its UBM Connect division.