UK stocks rose today, led by Gallaher Group, AstraZenecaa and Prudential, as tobacco, insurance and ...
UK stocks rose today, led by Gallaher Group, AstraZenecaa and Prudential, as tobacco, insurance and drug stocks are expected to provide steady profits even if economic growth stalls.
The FTSE 100 added 49.50 to 5229.1, it had dropped 1.8% this month up to today on concern that violence in the Middle East will damp an economic rebound by boosting crude oil prices, which are up 30% this year.
AstraZeneca climbed 120p to 3,556p, its biggest one-day gain in two and a half months. It is up 15% in 2002 and analysts at Goldman Sachs raised their share-price forecast for Europe's second largest drugmaker by 17% to 4,200p.
Gallaher, the world's second largest cigarette maker, climbed 13.75p to 570.75p, which is a record close.
The tobacco, insurance, pharmaceutical and food and drug indices also led gains among the 37 FTSE 350 industry groups, each adding 2% or more. Three shares rose for every two that dropped in the FTSE All Share index, which gained 20.94 points to 2539.69.
In the US, stock rises were led by Microsoft and Cisco Systems as investors said declines in computer-related shares are not justified by earnings forecasts.
The S&P 500 gained 7.18 to 1124.98, while the Dow Jones Industrial Average climbed 97.77 to 10,306.44.
More than two stocks rose for every one that fell on the New York stock exchange, while three advanced for every two that declined on the Nasdaq.
What made financial headlines over the weekend?
To promote 'long-term investment'
Switching 'hard and expensive'
Smaller funds still packing a punch