FTSE 100 Gains In Quiet Trading as Oil Edges Up

Lucy Stoeva
24 Dec, 2015
New York City

European markets traded higher after resource heavy FTSE 100 index edged up. Indexes in Spain gained but in France edged lower. Markets in Germany were closed.

[R]4:00 PM Frankfurt – European markets traded higher after resource heavy FTSE 100 index edged up. Indexes in Spain gained but in France edged lower. Markets in Germany were closed.[/R]

European markets in subdued trading gained after resource stocks heavy reference index in London led the gainers in the region.

In London trading, FTSE 100 index rose 8.29 to 6,249.27 and in Paris trading CAC 40 index slid 11.35 or 0.2% to 4,663.18.

For the week, FTSE 100 index soared 5.1%, the DAX index advanced 3.8% and the CAC 40 index jumped 2.5%.

Anglo American Plc gained 1.5% to 328.05 pence after the U.K.-based mining company agreed to sell its 83.3% stake in Australia-based Dartbrook coal mine in New South Wales to Australian Pacific Coal for upfront cash payment of £12 million or A$25 million and royalty payments on future coal production for up to A$50 million.

The mining company had already disposed its assets of $2 billion and also plans to raise £2.7 billion or $4 billion from divesting of assets.

The transaction is expected to complete in mid-2016.

NewRiver Retail Limited fell 0.5% to 342 pence after the U.K.-based real estate investment trust agreed to acquire the Neptune Portfolio for £92.3 million and the assets are expected to yield of 9.6%.

The company also completed the acquisition of three additional retail assets for about £15.6 million at a blended net initial yield of 7.3%.

PostNL NV surged 13.3% to €3.70 on media speculation that the Netherlands-based parcel services provider is rumored takeover bid of €5 per share from Royal Mail Plc.

Polymetal International Plc increased 2.1% to 575 pence after the U.K.-based company signed an agreement with OJCS Polyus Gold to develop the Nezhdaninskoye gold deposit in Yakutia, Russia with an estimated investment of up to £53.67 million or $80 million to acquire 50% interest in the joint venture.

Segro Plc rose 0.4% to 431.70 pence after the U.K.-based warehouse and industrial property developer agreed to sell its large portfolio of offices on Bath Road in Slough for £325 million, represents a net initial yield of 5.6%.

The real estate developer said it expects the disposal to reduce adjusted post-tax profit by £9.5 million in its full financial year.

The transaction is expected to complete in January.