UK stocks have gone ahead on today, as the benchmark gauge FTSE 100 Index is currently trading near the highest value in 5 years. Share prices of most of the prominent retailers rallied and the US market data was better than expected as well. The FTSE 100 Index has gone ahead by 29.9 points and is currently at 6511.4. On yesterday, the gauge declined from its highest value experienced in December, 2007, thereby snapping a rally of 4 days. On the other hand, the broader FTSE All Share Index went ahead by 0.5% on today, whereas, the benchmark gauge of Ireland, ISEQ Index experienced an increase of 1%. The overall share trading volume on the FTSE 100 Index was 7.7% less than the average of the last 30 days.
According to the Fund Manager of Miton Group Plc., George Godber, in UK, the economic outlook is pretty dismal; however, as the UK stock market is made of some great companies, those are able to generate their profits through overseas markets. George added that the UK market is moving from a policy driven market to a growth driven one.
In Brussels, European leaders have started a 2-day summit on today and they are expected to endorse plans to loosen austerity measures and providing the debt-ridden countries some more time to bring down the overall deficits.
Home Retail Group has jumped up to its highest share price since July, 2011 as it is currently priced at 149.2 Pence per share. It experienced an increase of 12% on today. For the year ending on 2nd March, the pretax profit of the company was around 90 million Pounds. Incidentally, investors predicted that it will have profit of 73 million Pounds; however, the actual figures are quite better than that. Report on the full year earnings will be published on 1st May by the Home Retail officials.
Ocado Group Plc. has also jumped up to its highest price since August, 2011. Each of its shares is now priced at 168.8 Pence, after experiencing a surge of 23%. The online grocer is currently in talks to help Wm Morrison Supermarkets as the latter is planning to start an online grocery as well.
Aggreko Plc. experienced a surge of 6.6% to 1961 Pence per share after announcing its decision to provide 122 megawatts of electricity to utilities in both Namibia and Mozambique.