UK stocks rallied from its dismal fall on Friday towards the highest one-day rally in eight months, ...
UK stocks rallied from its dismal fall on Friday towards the highest one-day rally in eight months, led mainly by GlaxoSmithKline, Vodafone Group and BP.
William Hill helped to maintain the FTSE's positive stance as the bettings shop chain enjoyed its first day of trading.
The FTSE 100 posted its biggest percentage advance in eight months, adding 126 points, or 2.7%, to 4756.8, with Glaxo, BP and Vodafone accounting for a two-fifths of the gain.
GlaxoSmithKline fell within 4p of a 4 ½ year low on Friday, but today it was buoyant at £14.00, accompanied by BP, which also gained 16.5p, or 3.2% to 540p to wipe out the losses it felt last week. Vodafone has also had a good day as it climbed 5.25p, or 5.8%, to 96.25p, but the once darling stock is still struggling to get back over the £1 hurdle.
Caffe Nero Group also advanced 1.5p, or 5.2%, to 30.5p after agreeing to open a venue adjacent to the flagship store of Stelios' EasyInternetCafe in High Street Kensington, southwest London. If successful, the cooperation may be repeated in other cities such as Barcelona and Paris.
National Express Group rose 6p, or 1%, to 608p following an announcement that this now train operator is now buyingStock Transportation, Canada's biggest privately owned school-bus operator, for C$170 million in cash.
And P&O Princess Cruises jumped 11p, or 2.6%, to 431p, after the Daily Telegraph reported that the U.K. government will this week approve the cruise line's merger with rival Royal Caribbean Cruises.
Incisive Media, the parent group of IFAonline, is now down to 88.5p a share, down 4p from its pre-suspension marker which was implemented last week amid speculation there was a fresh acquisition in the pipeline.
Incisive Media confirmed on Friday and to the press at the weekend it will not now buy Financial Times Business, the Pearson Group division which among others publishes Financial Adviser, Investors Chronicle and the Banker.
Over in the US, stocks have also rallied again as four weeks of declines made shares attractive to investors betting on a rebound in corporate profits.
The S&P 500 rose 22.36 points, or 2.2%, to 1029.77 as more than nine of every 10 companies gained, and financial and technology shares accounted for almost half the advance.
The Dow Jones Industrial Average also added 164.55 points, or 1.7%, to 9608.27 while the Nasdaq Composite Index rose 41.99 points, or 2.8%, to 1547.44.
However, there are now concerns that the market has not yet hit the bottom as several bluechip firms report result this week. Just a hint of bad news may again knock confidence.
American International Group. led the largest gain in a month for the Standard & Poor's 500 index. Shares of the biggest insurer jumped $2.54 to $67, extending a 2.6% gain from Friday, just prior to its first-ever investor meeting tomorrow.
General Electric rose 59 cents to $30.29 while Citigroup, the largest financial-services company, gained $1.25 to $41.45; and Cisco, the top maker of computer-networking equipment, advanced 39 cents to $14.69.
McDonald's also leapt 74 cents to $29.86 as the restaurant chain reported second-quarter profit are expected to rise, largely thanks to currency conversion, as the euro gained against the dollar and because European customers bought more hamburgers.
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