UK Home Prices Climb, Antofagasta Earnings Decline

Arthi Gupta
29 Aug, 2012
New York City

The UK indexes tracked lower following weak European markets. The average home prices in England and Wales rose 0.3% in July. Ryanair planned to re-bid for Aer Lingus. Antofagasta first-half group revenue rose 3.5%.

[R]3:15 PM London – The UK indexes tracked lower following weak European markets. The average home prices in England and Wales rose 0.3% in July. Ryanair planned to re-bid for Aer Lingus. Antofagasta first-half group revenue rose 3.5%.[/R]

The UK indexes traded lower tracking weaker markets across the Europe.

Expectations are running high ahead of the meeting of leaders in the euro zone on September 6 as central bankers and policy makers negotiate to decide the shape of next steps in supporting sovereign bond market.

In London, the benchmark index FTSE 100 declined 17.15 or 0.2% to 5,759.15 and the pound edged higher to $1.5843.

UK Home Prices Climb

Average home prices in England and Wales rose 0.3% in July compared to the year before, according to the Land Registry. The average cost of a home was £162,900, up 0.8% on June.

London metropolitan area experienced the greatest monthly rise with an increase of 2.7%.

The number of properties sold in England and Wales for over £1 million in May increased 107% to 562 from 271 in May 2011.

Gainers & Losers

Antofagasta plc fell 0.4% to 1,128 pence after the Chile-based copper miner reported first-half group revenue rose 3.5% to $3.16 billion, from $3.05 billion a year ago.

Pre-tax profit in the period fell to $1.56 billion, from $1.69 billion last year, with net earnings dropping to $646.1 million, from $696.2 million in the prior-year period.

Hansteen Holdings plc dipped 0.3% to 73.25 pence after the real estate investment trust said first-half revenue increased to £40.13 million from £31.33 million last year. Pre-tax profit for the period climbed 41% to £23.7 million compared to £16.8 million last year.

Ryanair Holdings plc fell 1.2% to €4.13 after the budget airline intends to re-bid for Aer Lingus Group plc.