FTSE 100 stock index heads for record 12-day winning streak
Wednesday, 29 July 2009
LONDON, July 28 (Bloomberg): UK stocks climbed for a 12th straight day, on course for a record winning streak for the FTSE 100, led by Lloyds Banking Group Plc and Sage Group Plc.
Lloyds, U.K.'s biggest mortgage lender, rose 4.1 per cent after naming Win Bischoff chairman. Sage soared 5.1 per cent after saying results for the first nine months were in line with management expectations. Randgold Resources Ltd. slid after saying it will sell 5 million new shares.
The FTSE 100 added 18.53, or 0.4 per cent, to 4,604.66, the highest since January, at 9:14 a.m. in London. The FTSE All- Share Index climbed 0.3 per cent and Ireland's ISEQ Index increased 0.4 per cent.
The benchmark for U.K. equities has climbed for 12 successive days, the longest winning streak since 1984, as a record number of US companies from Goldman Sachs Group Inc. to Caterpillar Inc. beat analysts' earnings estimates. The FTSE 100 has rebounded 31 per cent since March 3 amid speculation the worst global recession since World War II is easing.
Sage Group climbed 9.4 pence, or 5.1 per cent, to 194.8. The U.K.'s largest software maker said results for the nine months to June 30 were "consistent with management expectations."
Lloyds Banking Group climbed 4.1 per cent to 86.71 pence after naming Win Bischoff chairman to replace Victor Blank, who is retiring.
BG Group Plc increased 2.6 per cent to 1,135 pence. The U.K.'s third-largest natural-gas producer was raised to "outperform" from "neutral" at Exane BNP Paribas.
Vedanta Resources Plc, India's largest copper producer, climbed 1.8 per cent to 1,739 pence. Copper for delivery in three months rose for a second day in London, advancing as much as 0.7 per cent to $5,640.75 a metric ton.
Pearson Plc, the owner of the Financial Times newspaper, increased 13.5 pence, or 2 per cent, to 692.5 after Goldman Sachs raised its recommendation on the shares to "neutral" from "sell." Exane BNP Paribas upgraded its recommendation to "outperform" from "neutral."
Wolseley Plc dropped 22 pence, or 1.8 per cent, to 1,198. The supplier of heating and plumbing gear was cut to "neutral" from "buy" at UBS AG.
Randgold Resources Ltd. tumbled 2.1 per cent to 3,948 pence. The owner of West African mines said it will sell 5 million new shares in a global offer and use the proceeds to fund feasibility studies for its Gounkoto and Massawa projects, to develop the projects, and for other "organic and corporate opportunities," including possible acquisitions.
Randgold's Chief Executive Officer Mark Bristow said now is the "right time" for the company to enter the Democratic Republic of Congo.
Lloyds, U.K.'s biggest mortgage lender, rose 4.1 per cent after naming Win Bischoff chairman. Sage soared 5.1 per cent after saying results for the first nine months were in line with management expectations. Randgold Resources Ltd. slid after saying it will sell 5 million new shares.
The FTSE 100 added 18.53, or 0.4 per cent, to 4,604.66, the highest since January, at 9:14 a.m. in London. The FTSE All- Share Index climbed 0.3 per cent and Ireland's ISEQ Index increased 0.4 per cent.
The benchmark for U.K. equities has climbed for 12 successive days, the longest winning streak since 1984, as a record number of US companies from Goldman Sachs Group Inc. to Caterpillar Inc. beat analysts' earnings estimates. The FTSE 100 has rebounded 31 per cent since March 3 amid speculation the worst global recession since World War II is easing.
Sage Group climbed 9.4 pence, or 5.1 per cent, to 194.8. The U.K.'s largest software maker said results for the nine months to June 30 were "consistent with management expectations."
Lloyds Banking Group climbed 4.1 per cent to 86.71 pence after naming Win Bischoff chairman to replace Victor Blank, who is retiring.
BG Group Plc increased 2.6 per cent to 1,135 pence. The U.K.'s third-largest natural-gas producer was raised to "outperform" from "neutral" at Exane BNP Paribas.
Vedanta Resources Plc, India's largest copper producer, climbed 1.8 per cent to 1,739 pence. Copper for delivery in three months rose for a second day in London, advancing as much as 0.7 per cent to $5,640.75 a metric ton.
Pearson Plc, the owner of the Financial Times newspaper, increased 13.5 pence, or 2 per cent, to 692.5 after Goldman Sachs raised its recommendation on the shares to "neutral" from "sell." Exane BNP Paribas upgraded its recommendation to "outperform" from "neutral."
Wolseley Plc dropped 22 pence, or 1.8 per cent, to 1,198. The supplier of heating and plumbing gear was cut to "neutral" from "buy" at UBS AG.
Randgold Resources Ltd. tumbled 2.1 per cent to 3,948 pence. The owner of West African mines said it will sell 5 million new shares in a global offer and use the proceeds to fund feasibility studies for its Gounkoto and Massawa projects, to develop the projects, and for other "organic and corporate opportunities," including possible acquisitions.
Randgold's Chief Executive Officer Mark Bristow said now is the "right time" for the company to enter the Democratic Republic of Congo.