By Carla Mozee, MarketWatch
Hargreaves Lansdown hurt 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.
The FTSE 100 index weaved between small gains and losses,
recently slipping 2 points to 6,631.31. It climbed 1% on Monday as
geopolitical tensions eased.
But a 1.8% rise for Prudential shares put them at the top of the
equity benchmark. The insurer 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 2.7%, 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 0.9%, BG Group gave up 0.6%
and BP slipped 0.1%.
Off the benchmark, Ladbrokes gained 2.1% 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.
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