Stocks Rise on Inflation Data
April 27, 2011
The market was left to rely on economic figures and support from the benchmark September future, given the lack of corporate news, said one dealer. The blue-chip Financial Times-Stock Exchange 100-share index closed 7.1 points higher at 3837.4. The FT-SE 250 index of second-liners rose 4.1 points to end the day at 4556.0 points. U.K. retail price data came in much as expected and calmed inflation fears, giving the market an early boost. The underlying retail price index fell by 0.5% in July, the same as in July 2010, leaving underlying inflation in the 12 months through July at 2.8%, unchanged from June. Shares of leisure and media group Granada rose 9 to 866 pence following a report that the company is planning to launch a series of Europe-wide cable-only television channels. Granada also said it will look into making a bid for either Scottish Television or HTV, perhaps in lieu of Yorkshire Television as previously indicated. HTV lost 6 to 353 pence and Scottish TV gained 6 to 718 pence. Shares of Yorkshire dropped 3.0% to 12.35 pounds. Telecommunication company Orange rose 7.5 to 187 pence. The company, which releases its results next week, remains well below its issue price. Banks advanced toward the top of their range as many perceive them to be a good buy. Standard Chartered rose 12 to 703 pence. Barclays gained 15 to 909 pence. Lloyds TSB added 5.5 to 359.5 pence. British Petroleum gained 2.5 to 618 pence following news the company has entered negotiations with U.S. energy company Entergy to develop a gas cycle turbine generation plant.
VastPress 2011 Vastopolis
