Metals Price Increases Lift UK Indexes

Mayank Mehta
24 Dec, 2009
New York City

The UK benchmark index added to the gains of the year with 22% rise so far and 53% from its lows in March. Miners led the gainers today with copper, nickel and gold prices edging higher. Balfour Beatty to acquire Strata Construction for

[R]4:00 PM London, 11:00 AM New York – The UK benchmark index added to the gains of the year with 22% rise so far and 53% from its lows in March. Miners led the gainers today with copper, nickel and gold prices edging higher. Balfour Beatty to acquire Strata Construction for £10.3 million.[/R]

UK stocks continued their advance in the month and the benchmark index closed at the highest level in 15 months. The steady gains in copper, gold, silver and other metals and energy prices lifted the index to a new high.

In London FTSE 100 Index closed higher 30.03 or 0.5% to 5,402.41and the pound edged higher to close at $1.600 and edged lower to close at €1.111.

The benchmark index has gained more than 52% from its low in March this year and is up 22% for the year.

Mining companies closed higher. Fresnillo Plc surged 6.1% to 793.5 pence, Rio Tinto increased 2.3% to 3,370 pence and BHP Billiton added 1.3% to 1,970 pence.

Gainers & Losers

AstraZeneca PLC added 0.8% to 2,916.00 pence and the company’s unit MedImmune is in discussion with the U.S. regulators regarding Motavizumab.

Balfour Beatty plc rose 0.3% to 254.90 pence after the engineering contractor agreed to acquire Strata Construction, a Doncaster based affordable housing builder for a total cash consideration of £10.3 million.

Central African Gold Plc plunged 38.2% to 0.81 pence after the gold mining and Exploration Company said first-half revenues fell 96.6% to £293,000 from £8.6 million a year ago. Net loss for the first-half was £8.2 million or 1.64 pence per diluted share compared to net loss of £5.9 million or 3.58 pence per share a year ago.

Consentino Signatures Wines plc closed unchanged at 3.25 pence after the wine producer said first-half revenues rose 22% to £2.75 million from £2.25 million a year ago. Net loss for the first-half was £2.8 million compared to net loss of £0.215 million a year ago.

Cybit Holdings PLC rose 0.7% to 72.51 pence after the telematics based products and services provider said first-half revenues fell 16% to £10.3 million from £12.3 million a year ago. Net profit for the first-half rose 46.5% to £891,663 or 3.25 pence per diluted share compared to net profit of £608,414 or 2.21 pence per share a year ago.

Hexagon Human Capital plc closed unchanged at 13.50 pence an executive search firm said first-half revenues fell 36% to £12.8 million from £19.9 million a year ago. Net loss for the first-half was £1.73 million or 7.94 pence per diluted share compared to net profit of £0.87 million or 4.55 pence per share a year ago.

ITV plc fell 0.1% to 54.15 pence after the broadcasting company said Archie Norman is appointed as chairman of the company from January and confirmed Mike Clasper will replace James Crosby as non-executive senior independent director from 1 January 2010.

Whitbread PLC closed unchanged at 1,393.00 pence after the hotel and restaurant group, announces today that it has exchanged agreements with M&G Investments for the sale and leaseback of five properties operating as Premier Inn and adjacent restaurants.