UK stocks fluctuate, BT group, Amec advance, Smiths declines
Wednesday, 16 September 2009
LONDON, Sept. 15 (Bloomberg): UK stocks fluctuated between gains and losses a year after the collapse of Lehman Brothers Holdings Inc.
BT Group Plc, Britain's largest telephone company and Amec Plc gained more than 2.6 per cent after analysts recommended the shares. Smiths Group Plc led declines after Morgan Stanley downgraded the world's biggest maker of mechanical seals for the energy and marine industries.
The benchmark FTSE 100 Index was little changed at 5,015.18 as of 9:05 a.m. in London, having swung between gains and losses at least eight times. The FTSE All-Share Index was also little changed, while Ireland's ISEQ Index advanced 1 per cent.
The FTSE 100 lost as much as 35 per cent following Lehman's collapse. The measure has rebounded 43 per cent since this year's low on March 3 and is still more than 7 per cent below its level before the New York-based firm filed for bankruptcy.
The rebound has left the FTSE 100's valuation at about 76 times its companies' reported earnings, the most expensive level in seven years, according to weekly data compiled by Bloomberg.
BT Group gained 3 per cent to 133.7 pence after Credit Suisse Group AG upgraded the shares to "outperform" from "neutral," citing increases to earnings forecasts for this year and 2010.
Amec climbed 2.6 per cent to 796.5 pence as JPMorgan Cazenove raised its recommendation for the engineering company to "outperform" from "in line."
Smiths Group lost 1.8 per cent to 878.5 pence after Morgan Stanley downgraded the shares to "equal weight" from "overweight."
BT Group Plc, Britain's largest telephone company and Amec Plc gained more than 2.6 per cent after analysts recommended the shares. Smiths Group Plc led declines after Morgan Stanley downgraded the world's biggest maker of mechanical seals for the energy and marine industries.
The benchmark FTSE 100 Index was little changed at 5,015.18 as of 9:05 a.m. in London, having swung between gains and losses at least eight times. The FTSE All-Share Index was also little changed, while Ireland's ISEQ Index advanced 1 per cent.
The FTSE 100 lost as much as 35 per cent following Lehman's collapse. The measure has rebounded 43 per cent since this year's low on March 3 and is still more than 7 per cent below its level before the New York-based firm filed for bankruptcy.
The rebound has left the FTSE 100's valuation at about 76 times its companies' reported earnings, the most expensive level in seven years, according to weekly data compiled by Bloomberg.
BT Group gained 3 per cent to 133.7 pence after Credit Suisse Group AG upgraded the shares to "outperform" from "neutral," citing increases to earnings forecasts for this year and 2010.
Amec climbed 2.6 per cent to 796.5 pence as JPMorgan Cazenove raised its recommendation for the engineering company to "outperform" from "in line."
Smiths Group lost 1.8 per cent to 878.5 pence after Morgan Stanley downgraded the shares to "equal weight" from "overweight."