Market Updates

UK Indexes Drop 1.4%; Home Prices, Retail Sales Fall

Arthi Gupta
06 Mar, 2012
New York City

    The UK indexes dropped after retail sales, home prices and new car registrations fell in February. Michael Page plunged 6% after pre-tax profit fell in fiscal 2011.

[R]2:45 PM London – The UK indexes dropped after retail sales, home prices and new car registrations fell in February. Michael Page plunged 6% after pre-tax profit fell in fiscal 2011.[/R]

The UK indexes dropped on the rising worries of a disorderly default on Greek bonds. Investors also worried that the slowdown in China and economic contraction in the last quarter in the euro zone may affect the exports from the UK.

Investors are awaiting the outcome of Greek private investors’ willingness to participate in the bond swap deal with a deadline on March 8.

In London trading FTSE 100 Index fell 79.69 or 1.4% to 5,795.70 and the pound edged lower to $1.5797.

UK Retail Sales Drop

Retail sales in the United Kingdom fell in February, a survey by the British Retail Consortium showed.

Retail sales declined 0.3% on a like-for-like basis from February 2011, when sales eased 0.4%. Sales increased 2.3% from a year ago compared to the 1.1% increase in the month a year ago.

UK Home Prices Fall

UK home prices declined 0.5% from a month ago in February to £160,118, data from the Lloyds Banking Group''s Halifax division showed today, following the 0.6% increase in January.

Home prices in the three months to February fell 1.9% compared to the same period a year earlier.

UK New Car Registrations Decrease

New car registrations in the UK declined 2.5% from a year ago in February to 61,868 units, data from the Society of Motor Manufacturers and Traders showed.

The industry organization estimated full year sales of 1.92 million units compared to 1.94 million units last year.

Gainers & Losers

Capital Shopping Centres Group PLC fell 1.2% to 332.10 pence after the shopping centres operator announced that one of its subsidiaries disposed of 4.06 million shares in Equity One, Inc.

Compass Group PLC dipped 0.1% to 639.50 pence after the global contract foodservice operator acquired NKS Kabushiki Kaisha Ltd., the Japanese food services provider for £50 million.

Michael Page International PLC plunged 6.1% to 450 pence after the specialist recruitment consultancy said 2011 revenues grew 22.4% to £1.02 billion from £832.3 million last year. Pre-tax profit for the year fell 14.4% to £86.15 million from £100.66 million in the previous year.

John Wood Group PLC slumped 4.9% to 726.50 pence after the international energy services company stated total revenue rose 19.5% to $6,052.3 million from $5,063.1 million. Profit from continuing operations before tax and one-time charges increased 62.7% to $254.1 million compared to $156.2 million the year before.

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