U.K. Stocks Rise, Led by Xstrata, BG Group on Commodity Pricesadmin
U.K. stocks climbed, led by mining companies as base metals climbed in London. Antofagasta Plc and Xstrata Plc paced the advance.
Cairn Energy Plc and BG Group Plc rose as oil prices rebounded from a 19-month low. Amvescap Plc climbed after Citigroup Inc. raised its price estimate for the company’s shares.
The benchmark FTSE 100 Index rallied 29.10, or 0.5 percent, to 6233.60 in London at 9:13 a.m. The FTSE All-Share Index added 13.45, or 0.4 percent, to 3225.36. Ireland’s ISEQ Index rose 26.75, or 0.3 percent, to 9298.07.
Antofagasta, the owner of three copper mines in Chile, rallied 1.7 percent to 455 pence. Xstrata, the world’s fourth- largest copper producer, added 2.3 percent to 2,296 pence. BHP Billiton, the world’s largest mining company, advanced 2 percent to 906.5 pence.
Nickel rose to a record on the London Metal Exchange for a second day on speculation that a looming labor dispute in Canada will cut supply. All other LME-traded metals gained including copper, aluminum, lead, tin and zinc.
Cairn Energy, which drills for oil and gas in South Asia, rallied 1.1 percent to 1,688 pence. BG Group, the U.K.’s third- biggest oil and gas producer, increased 1.3 percent to 653. BP Plc, Europe’s second-largest oil producer, added 0.8 percent to 540.5 pence.
Crude oil rose for a second day in New York on signs cold weather in the U.S. Northeast may boost heating demand.
Futures for February delivery climbed as much as 0.8 percent to $52.65 a barrel in after-hours electronic trading on the New York Mercantile Exchange.
Amvescap, the manager of Aim and Invesco funds, climbed 1.5 percent to 631 pence after Citigroup raised its share price estimate for the company 16 percent to 740 pence.
The following stocks also gained or fell in the U.K. market. Stock symbols are in parentheses.
Colt Telecom Group SA (COLT LN) advanced 1.75 pence, or 1.1 percent, to 163.75. Goldman, Sachs & Co. raised its recommendation for shares of the U.K. phone-service provider to “neutral” from “sell” with a share price estimate of 158 pence. Credit Suisse upgraded the stock to “outperform” from “neutral.”
Kesa Electricals Plc (KESA LN) rallied 8 pence, or 2.3 percent, to 351. Europe’s third-largest electronics retailer said sales climbed during the holiday period as French and British shoppers bought flat-panel televisions and laptop computers. Revenue at stores open at least a year gained 6.4 percent in the 10 weeks ended Jan. 8 before conversion to sterling. That compares with a 9.5 percent gain in the third quarter.
Misys Plc (MSY LN), the U.K. provider of software for banks and hospitals, rallied 9.75 pence, or 4.3 percent, to 237. The company announced a number of management changes including the resignation of the head of its health-care unit Tom Skelton. Directors Howard Evans and Jasper McMahon also stepped down from the board.
Guy Warren, CEO Of LogicaCMG Plc’s U.K. business will lead Misys’s banking business, while Eileen McPartland, a vice president of Oracle Corp. was named executive vice president of global sales and services.