London Stocks Close Up, House Prices Drop

123jump.com Staff
30 Dec, 2008
New York City

London stocks closed higher boosted by gains in the energy and commodity sectors. The Land Registry reported that annual house prices in England and Wales slumped 12.2% in November.

[R]1:00PM New York, 6:00PM- Annual house prices in England and Wales decline 12.2% in November. Rolls-Royce bags contract from Gazprom.[/R]

London stock indexes rose on rising energy prices as Hamas and Israel continued to trade missiles stoking worries of interruption in supplies.

In London the FTSE 100 Index rose 1.7%, or 73.33, to 4,392.68.

Of the FTSE 100 index stocks, 82 rose, 19 declined, and one was unchanged. Legal & General led advancers in the index shares with a rise of 7.1%.

Annual House Prices in England and Wales Fall 12.2% in November

U.K’s Land Registry reported today that annual house prices in England and Wales slid 12.2% in November, and dropped 1.9% from a month earlier to £161,883.

The average property value in London declined 10.2% to £317,101.

According to the report, every region in England and Wales experienced an annual decline in average property values, while all regions had monthly declines, except Wales which remained unchanged.

Home values dropped most substantially in the South East, dropping 3.2%.

The Land Registry also reported that during September completed house sales plunged 61% to 38,508 from 98,075 in the comparable period a year earlier.

Rolls-Royce gets Contract from Gazprom

Rolls-Royce reported today that it has been awarded a contract from Gazprom’s unit Gazkomplectimpex to supply eight industrial aeroderivative gas turbines driving centrifugal compressors for the new 1,200km Nord Stream gas pipeline from Russia to Europe.

The company said gas turbines at the Portovaya gas compressor station will provide front-end gas boosting for the underwater section of the Nord Stream pipeline that will run beneath the Baltic Sea, from Portavaya Bay near Vyborg to the German coast near Greiswald.

First compression packages are expected to be shipped in May 2010, with additional sets being delivered during the same year.

Gainers & Losers

Legal & General led advancers in the FTSE 100 index shares with a rise of 7.1% followed by gains in Schroders Plc-NV of 7%, in Carnival Plc of 5.7%, in Eurasian Natural of 5%, and 31 Group Plc of 4.7%.

Commodity stocks also advanced as crude oil prices jumped 6% to $40 per barrel. Anglo America soared 3.3% and BHP Billiton edged up 2.8%.

Drax Group led decliners in the FTSE 100 index shares with a drop of 5% followed by losses in Schroders Plc of 3.7%, in TUI Travel of 3%, in HBOS Plc of 2.3%, and Tate & Lyle of 1.4%.

Financial stocks fell. Royal Bank of Scotland declined 1% and Barclays shed 0.9%.