By Carla Mozee, MarketWatch
Hargreaves Lansdown falls on rating view
LONDON (MarketWatch) -- Shares of Prudential PLC outperformed
the broader U.K. stock market Tuesday as the insurer said it will
increase a dividend.
After weaving between small gains and losses, the FTSE 100 index
finished less than 1 point lower at 6,632.42. It climbed 1% on
Monday as geopolitical tensions eased.
But a 2.2% rise for Prudential shares put them near the top of
the benchmark, just behind a 3.1% advance for retailer Sports
Direct International .
Prudential plans to raise its 2014 interim dividend by 15% to
11.19 pence (18 cents) a share, from the same period a year ago.
Prudential's first-half operating profit increased 17% as its
performance improved across all its key financial measures. The
interim dividend is payable Sept. 25 for certain shareholders and
in early October for others.
Meanwhile, Hargreaves Lansdown dropped 2.9%, leading FTSE
decliners. UBS started coverage of the investment services provider
with a sell rating, saying the market is significantly
overestimating flow potential from Hargreaves's flagship Vantage
investment and funds platform.
Oil shares tracked a turn lower in oil prices, coming after the
International Energy Agency reduced its 2014 forecast for world oil
demand. Royal Dutch Shell shares fell 1%, BG Group gave up 0.4% and
BP ended flat.
Off the benchmark, Ladbrokes shares reversed course and ended
0.5% lower. The shares had been up more than 5% intraday after the
betting and gaming services company said it remains well positioned
to drive growth in the second half of the year, despite a fall in
net profit.
On the broader European market, the Stoxx Europe 600 shed
0.2%.
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