LONDON MARKETS: SABMiller Rises In U.K. Market, Oil Firms Up

Date : 11/23/2012 @ 11:28AM
Source : Dow Jones News
Stock : Barclays (BCS)
Quote : 10.08  0.04 (0.40%) @ 1:02PM
Barclays share price Chart

LONDON MARKETS: SABMiller Rises In U.K. Market, Oil Firms Up

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By Sara Sjolin, MarketWatch

LONDON (MarketWatch) -- Most U.K. stocks moved higher on Friday, with the benchmark index on track for a 3.9% weekly gain and shares of SABMiller PLC rising for a second day after a broker upgrade.

The FTSE 100 index rose 0.6% to 5,826.18, possibly extending gains into a fifth day.

SABMiller shares picked up 1.3% to ʣ28.39, adding to a 6.4% gain on Thursday when the brewer reported a rise in net profit. On Friday, Nomura lifted the stock to neutral from reduce, while Soci̩t̩ G̩n̩rale raised its target price to ʣ29.7 from ʣ28.

Shares of Wm. Morrison Supermarkets PLC dropped 0.8%, as Nomura downgraded the European supermarkets sector to neutral from bullish.

The broader sentiment in London was buoyed by better-than-expected data from Germany, after the Ifo index of business sentiment rose to 101.4 in November, ahead of economists' estimates of a 99.5 reading.

Markets also took a cue from the U.S., where stocks opened higher on Wall Street, after being closed on Thursday for Thanksgiving.

Among other notable movers in London, oil firms posted gains, as crude-oil prices added more than $1 to around $88.50 a barrel. Shares of BP PLC (BP) picked up 0.7%, BG Group PLC gained 0.5% and Royal Dutch Shell PLC (RDSB) added 0.5%.

Most mining firms were also on the rise, tracking gains for metals prices. Shares of Antofagasta PLC added 1.1% and Anglo American PLC shares gained 0.9%.

Shares of Xstrata PLC added 1.7% and Glencore International PLC (GLCNF) climbed 1.4%, both extending the prior day's gains, when European Union regulators approved a merger between the two firms.

Banking shares also added to previous days' gains. Shares of Barclays PLC (BCS) rose 1%, Lloyds Banking Group PLC (LYG) gained 1% and sector heavyweight HSBC Holdings PLC (HBC) inched 0.6% higher.

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