UK Stocks Advance Erasing Earlier Losses

Offsetting the concerns over Mario Monti, the Italian Prime Minister’s decision to quit, UK stocks increased during the final couple of hours of trading. Hence, the benchmark stock index of the country, FTSE 100 is more or less unchanged.

FTSE 100 is currently at 5921.62 and has increased by 0.1%. Earlier today, it experienced a deficit of 0.4%, but, was able to overcome the same. This benchmark index has increased by more than 13% since 1st June, when it experienced its lowest value. The broader FTSE All Share Index also saw a gain of 0.1%, however, the benchmark index of Ireland, ISEQ Index plummeted by 0.5%.

After making the announcement that its Chief Executive Officer, Peter Clarke will be leaving in February, 2013, the share prices of Man Group Plc. increased by around 5%. Manny Roman, the current Chief Operating Office will be replacing Clarke. Incidentally, in 2012, the stock prices of Man Group have seen a tumble of 39%. Man Group is the biggest publicly traded hedge fund manager in UK.

Eurasian Natural Resources Corp. share prices, on the other hand, decreased by 2.4%. The company offered to buy remaining stake of 49.5% in Camrose Resources Ltd. Greggs Plc. with a bid worth $550 million. The mining company is interested to get cobalt and copper licenses in the Democratic Republic of Congo.

Standard Chartered Plc. (the 2nd largest bank of UK), share prices increased by 0.8% and is currently at 1497.5 pence per share. The lender has agreed to pay the US regulators $327 million in an attempt to settle the claims which state that the company’s transactions with some Iranian clients violated the US sanctions.

The biggest gain of the day in the FTSE 100 Index was achieved by Smith & Nephew Plc. The per share price is currently at 678.5 pence currently for Smith & New. Investec Plc. increased to buy from hold of Smith & Nephew, the biggest artificial knee and hip maker in Europe and this possibly have attributed to this growth.

Thomas Cook Group Plc. has rallied for the 5th straight day and is currently at 472.5 pence per share. The UK based tour operator’s credit rating was cut by the Fitch Ratings Ltd. on 4th December. The largest chain of bakers in UK, Greggs however plummeted by 2.9%, marking its biggest drop in last 2 months.