UK Indexes Rise 1.5%, Trade Deficit Widens

Arthi Gupta
12 Apr, 2012
New York City

The UK indexes advanced and trade deficit widened in February and Irish inflation rose in March. Ashmore Group assets under management increased 9.1% in the third quarter.

[R]5:00 PM London – The UK indexes advanced and trade deficit widened in February and Irish inflation rose in March. Ashmore Group assets under management increased 9.1% in the third quarter.[/R]

The UK indexes climbed after trade deficit widened. Ireland''s consumer price index increased 2.2% on an annual basis in March.

In London, the benchmark index FTSE 100 gained 85.13 or 1.5% to 5,719.82 and the pound edged higher to $1.5954.

UK Deficit Rises

The UK''s deficit on seasonally adjusted trade in goods widened to £8.8 billion in February compared with a revised £7.9 billion deficit in January, data from the Office for National Statistics showed today.

The deficit on trade in goods and services climbed to £3.4 billion in February from £2.5 billion in January.

Trade in services resulted in a surplus of £5.4 billion in February, unchanged compared with January.

Irish Inflation Rises

Ireland''s consumer price index increased 2.2% on an annual basis in March compared to the 2.1% rise in February, data released by the Central Statistics Office showed today.

There was a 0.4% annual drop in food and non-alcoholic beverages prices, and a 0.7% fall in clothing and footwear prices.

On a monthly basis, consumer prices rose 1% in March, after climbing 0.9% in February.

Gainers & Losers

Ashmore Group plc increased 0.9% to 389.40 pence after the provider of investment management services reported assets under management increased 9.1% in the third quarter to $65.9 billion helped by net inflows of $1.2 billion and investment performance of $4.3 billion

AstraZeneca Plc rose 0.2% to 2,798 pence after the biopharmaceutical company announced the availability of DUTOPROL tablets to treat hypertension.

Hays PLC surged 9.2% to 88.75 pence after the recruitment firm reported a 12% actual increase in group net fees for the quarter ended March 31. The company sees operating profit for the year to be towards the top of the current range of market estimates.

Rolls-Royce Holdings plc climbed 1.2% to 813.50 pence after the engine maker won another contract with the U.S Armed Forces, supplying power and propulsion systems for the two latest vessels in the Navy''s Littoral Combat Ship program.

Shire plc advanced 0.7% to 1,951 pence after the specialty biopharmaceutical company inked an agreement to acquire substantially all the assets of Pervasis Therapeutics.