London: Climate Exchange, Liberty, BSkyB Rise

Mayank Mehta
12 Mar, 2010
New York City

UK stocks traded higher on a global optimism. Commodities advanced. Climate Exchange surged 9% after it swung to a net income in 2009. Liberty Plc surged on takeover talks. BSkyB soars 5% on media speculation that News Corp may increase its stake in the company.

[R]4:00 PM London, 11:00 AM New York – UK stocks traded higher on a global optimism. Commodities advanced. Climate Exchange surged 9% after it swung to a net income in 2009. Liberty Plc surged on takeover talks. BSkyB soars 5% on media speculation that News Corp may increase its stake in the company.[/R]

The UK benchmark index edged up on a global optimism. Commodities traded higher in London and New York and the pound edged up after latest report on the housing market.

In London FTSE 100 Index closed higher 8.19 or 0.15% to 5,625.45 and the pound edged higher to close at $1.515 and edged lower to close at €1.100.

UK home prices increased 1.9% in February from a month ago according to the latest data from private researcher Acadametrics Ltd.

Gainers & Losers

AGA Rangemaster Group Plc added 1.6% to 122.00 pence after the cooker manufacturer said 2009 sales fell 12.3% to £245.0 million from £279.4 million a year ago. Net profit for the year fell 86% to £1.7 million or 2.5 pence per diluted share compared to net profit of £12.4 million or 14.4 pence per share a year ago.

BSkyB Plc added 5% to 597 pence after the Financial Times noted trading desks speculation that News Corp may bid for shares in the pay-TV broadcaster at 735 pence a share. News Corp controls 39% of the company.

Climate Exchange plc advanced 8.7% to 515.50 pence an emissions exchange operator said 2009 sales rose 48% to £33.6 million from £22.7 million a year ago. Net profit for the year was £670,000 or 1.31 pence per diluted share compared to net loss of £1.96 million or 4.26 pence per share a year ago.

GlaxoSmithKline plc dropped 0.6% to 1,242.50 pence and the company sold its entire holding of 1.43 million common shares or 4.47% of Maxygen, Inc. on for an undisclosed sum, according to a Dow Jones report.

Inmarsat Plc gained 3.9% to 791.5 pence after it released better than expected fourth quarter earnings.

Liberty Plc increased 9.0% to 300.00 pence after the company confirmed the receipt of takeover offers that may or may not lead to a transaction.

Luminar Group Holdings plc fell 1.4% to 35 pence after the nightclub operator said it expects profit for the year from continuing operations, excluding exceptional items to be in line with board''s expectations.

Nautical Petroleum plc gained 5.7% to 50.25 pence after the oil exploration company signed the Rig Agreement for the drilling of the Catcher prospect.

Promethean plc an investment company closed unchanged at 49.50 pence.

Yule Catto & Co plc added 1.5% to 182.75 pence after the company announced that its joint venture subsidiary, Revertex (Malaysia) Sdn Bhd, has exchanged conditional contracts with H. B. Fuller Company for the sale of Revertex Finewaters Sdn Bhd. No terms were disclosed.

FTSE 100 Index Movers

Of the stocks in the FTSE 100 index, 61 increased, 39 declined and 2 were unchanged.

Resolution Limited decliners in the FTSE 100 index with a loss of 1.70% followed by losses in HSBC Holdings Plc of 1.64%, in Standard Life Plc of 1.58%, in Imperial Tobacco Group Plc of 1.29%, and in SABMiller Plc of 1.11%.

The Royal Bank of Scotland Group Plc led gainers in the FTSE 100 index with a rise of 5.40% followed by increase in British Sky Broadcasting Group Plc of 4.57%, in Eurasian Natural Resources Corporation Plc of 4.55%, in Inmarsat Plc of 4.01%, and in Petrofac Limited of 3.33%.