UK Stocks Pare Earlier Losses

UK stocks were more or less unchanged on today, thereby recovering from the lowest level in last 2 months. Shares of the mining companies went ahead and apart from that, retail sales in US surpassed forecasts made by economists as well. The benchmark stock gauge of UK, the FTSE 100 Index went ahead by 5.18 points, thereby taking the figure to 6,304.63. The gauge experienced a slide of 1.5% earlier; however, it was able to recover from the same. The broader FTSE All Share Index went down by less than 0.1%. On the other hand, the benchmark stock gauge of Ireland, ISEQ Index experienced a tumble of 0.2%.

According to the Chief European Strategist of Market Securities, Stephane Ekolo, markets pared the losses after release of the strong US retail sales data. Ekolo stated that it can be assumed that there were some market participants who were waiting to see a better entry point to get into the market. When the markets reached any of those levels, they probably started buying.

As far as the data released by the Commerce Department are concerned, the US retail sales in May increased more than what was forecasted. The increase was of 0.6% and this is the biggest in the last 3 months. The gain for April was of 0.1%. The economists actually thought that the increase will be of 0.4%.

Among companies, ENRC went ahead by 3.2% and each share is currently priced at 240.7 Pence. The largest mining company in the world, BHP Billiton Ltd. went ahead by 1.8%, thereby taking each share price to 1,783 Pence. On the other hand, the 2nd largest mining company in the world, Rio Tinto Group went ahead by 2.6%, taking each share price to 2,759.5 Pence.

Vedanta Resources went ahead by 3.1% and each share is priced at 1,185 Pence now. Konkola Copper Mines announced that it doesn’t owe any tax payments to the Zambia Revenue Authority. Consort Medical Plc., on the other hand, saw its shares increasing by 5%, taking each share price to 778 Pence, marking the biggest gain for the same in 2013. The full year pretax profit of the medical device maker has been of 19.6 million Pounds and the dividend has been announced of 12.71 Pence for each share. RBS however declined by 3.3% and each share of it is at 315 Pence.