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GSK Gsk Plc

1,640.50
4.50 (0.28%)
25 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Gsk Plc LSE:GSK London Ordinary Share GB00BN7SWP63 ORD 31 1/4P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  4.50 0.28% 1,640.50 1,640.00 1,640.50 1,656.00 1,635.00 1,642.00 5,918,777 16:29:57
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Pharmaceutical Preparations 30.33B 4.93B 1.1970 13.71 67.54B

LONDON MARKETS: U.K. Stocks Higher As Miners, Marks & Spencer Rise

02/04/2014 5:45pm

Dow Jones News


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By Carla Mozee, MarketWatch

LONDON (MarketWatch) -- U.K. stocks moved higher Wednesday, with metals producers leading advancers, and Marks & Spencer PLC a standout on anticipation of expansion plans by the retailer.

The FTSE 100 index rose 0.1% to close at 6,659.04, extending Tuesday's climb of 0.8% when European markets as a whole gained on upbeat manufacturing reports from the euro zone and the U.S.

The metals group was the best performing sector on the U.K. equity benchmark, picking up the pattern overnight in Asia when prices for spot iron ore rose and gold futures staged a rebound. Copper futures (HGK4) turned higher, pushed to $3.04 a pound in the wake of a strong earthquake in Chile, the world's largest producer. Five deaths have been reported after the magnitude-8.2 quake hit the country's northern coast.

Workers at Anglo American PLC and Glencore Xstrata's PLC Collahuasi copper mine in Chile were evacuated after the quake. Shares of Anglo American (AAUKY) in London added 1.5%, and Glencore Xstrata (GLNCY) rose 1.3%. Meanwhile, shares of BHP Billiton PLC (BHP) popped up 1.9%, stretching their 2.1% rise on Tuesday when the company said it may continue to adjust its portfolio to focus on up to five key commodities. A BHP executive on Wednesday expressed confidence in its coal business.

Stock in Marks & Spencer Group shined, posting a 2.2% rise following a report from the U.K.'s The Times that the department-store chain operator is planning to open 250 stores world-wide over the next three years, including food-only stores in Paris.

Meanwhile, new snapshots captured growth in the U.K. real-estate market.

Lender Nationwide said its monthly house price index rose 0.4% in March from the previous month, and by 9.5% on a year-over-year basis, putting the average house price at the highest level since January 2008 at GBP180,246 ($300,001).

On the construction side, confidence on a 12-month horizon among builders reached the highest level since January 2007, according to market research firm Markit. Housing activity was the stronger performing construction category last month, driven by improving demand. The Markit/CIPS UK construction PMI was 62.5 in March versus 62.6 in February.

The PMI reading "was a little below consensus expectations, but at these sorts of levels it makes next to no difference to the message from the survey. Construction is booming," said Robert Wood, chief U.K. economist at Berenberg, in a Wednesday note.

Year-to-date, shares of home builder Barratt Developments PLC have risen 20% and shares were up 0.3% on Wednesday.

In the wake of recession and government cut backs, "low interest rates, rising confidence and surging house prices are combining in a sweet spot for the sector," wrote Wood. "That is yet another reason to think the U.K. will easily outperform consensus growth expectations this year."

Investment in dwellings was up roughly 9.9% in the fourth quarter of 2013 from the year-ago period, according to the Office of National Statistics which on Wednesday released a roundup of economic developments over the past month. Gross domestic product in the final quarter of last year grew by 0.7% and by 1.7% on an annual basis.

Elsewhere, shares of Standard Life PLC and St. James's Place PLC rose 2.1% and 0.1%, respectively, with J.P. Morgan Cazenove telling clients that the companies are set to benefit the most from proposed new regulations on workplace pensions and annuities in the U.K.

But finishing lower was GlaxoSmithKline PLC (GSK), off 0.7%, after the British drug maker halted a late-stage trial of its MAGE-3 cancer vaccine.

More MarketWatch news:

Netflix to supply French market from Luxembourg

Marks and Spencer plans to open 250 stores world-wide: report

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


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