UK equity market remains fruitful for stock pickers

The UK stock market had a good start to 2006 with merger and acquisition (M&A) activity and stronger earnings results from companies continuing to provide support to equities during the first quarter. The FTSE All-Share index rose 7.1% during the first three months of the year, while in March the FTSE 100 index reached its highest level in five years. From a sector perspective, industrial metals was among the best-performing industries, amid strong commodity pricing trends, while leisure goods underperformed the broader market. Strong profit announcements from major corporations including...