By Barbara Kollmeyer, MarketWatch
MADRID (MarketWatch) -- The U.K.'s benchmark stock index
finished higher on Monday, with Aberdeen Asset Management PLC
leading gainers after the investment manager reported strong
first-half results.
The FTSE 100 index rose 0.5% to end at 6,458.02.
Shares of Aberdeen Asset Management surged 8% after the company
said profit and assets under management rose for the half year
ended March 31. The company also said, though, that it remains
cautious on its outlook.
Anglo-Dutch publisher Reed Elsevier PLC fell 1.8% after
Citigroup downgraded the company to neutral from buy. Citigroup
said the shares have rallied 53% since July 2012 and 21%
year-to-date.
Advertising company WPP was also the subject of a broker
downgrade, as HSBC cut the stock to neutral from overweight, with
the analysts saying they see limited scope for further re-rating.
It is the first time HSBC has downgraded WPP in three years. Shares
of WPP fell 0.5%.
Lloyds Banking Group PLC (LYG) rose 1.1% after announcing it
will sell its Spanish retail-banking operations to Banco Sabadell
SA , in a cash and stock transaction worth up to EUR104 million
($136 million).
Resource stocks were also on the rise, keeping pace with higher
gold and oil prices. Eurasian Natural Resources Corp. rose 2% and
Randgold Resources PLC added 1.1%.
Royal Dutch Shell PLC (RDSA) rose 1.2%. Shares of BG Group PLC
gained 1.7%.
Away from the main index, shares of Balfour Beatty PLC slumped
nearly 10% after the international infrastructure group warned its
U.K. construction unit will deliver "significantly lower profits
from operations for 2013" than management had anticipated in
March.
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