By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- U.K.'s FTSE 100 index rose for the first
time in three days on Thursday, as heavyweight companies like Rio
Tinto PLC and HSBC Holdings PLC advanced after corporate-related
news.
The FTSE 100 gained 0.2% to close at 6,810.27, partly recovering
from a 0.5% loss on Wednesday.
Helping lift the benchmark, Rio Tinto PLC (RIO) picked up 1.5%
after Standard & Poor's Ratings Services revised the outlook on
the miner to stable and said the it had reported strong 2013
results with credit metrics above expectations.
HSBC Holdings PLC (HSBC) advanced 1.4% after the heavyweight
bank confirmed its in discussions with Meezan Bank Ltd. to sell its
operations in Pakistan.
Shares of Reed Elsevier PLC put on 1.6% after the publishing
firm reported a rise in full-year earnings and raised its
dividend.
Shares of British American Tobacco PLC (BTI) gained 1.4% after
the company reported a small rise in full-year profit and said it
expects a gradual improvement in the economic environment.
Outside the main index, Man Group PLC rallied 14% after the
investment manager said it swung to a full-year profit in 2013 and
laid out plans to repurchase $115 million of its ordinary shares to
return surplus capital to shareholders.
On a more upbeat note, shares of Royal Bank of Scotland Group
PLC (RBS) topped the list of decliners, sliding 7.7%, after the 81%
state-owned lender posted a loss of GBP9 billion ($15 billion) for
2013 and announced a plan to cut GBP5 billion in costs over the
next few years.
RSA Insurance Group PLC lost 4% after the insurer launched a
GBP775 million rights issue to strengthen its balance sheet. The
company also reported a sharp decline in operating profit, which is
a key measure in the insurance industry.
WPP PLC slumped 3.5% after the advertising giant said it missed
its margin target for 2013. The slide in many emerging-market
currencies against the pound weighed on profit in the second half
and particularly in the last quarter of the year, the company
said.
Another insurer, Standard Life PLC , lost 0.9% after the company
reported a 30% drop in full-year profit.
Aviva PLC gave up 0.8% after the insurer said it has appointed
Monique Shivanandan as chief information officer.
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