Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

LONDON MARKETS: Sainsbury Boosts FTSE 100 To Small Weekly Gain

02/22/2013 | 12:12pm US/Eastern

By Sara Sjolin, MarketWatch

LONDON (MarketWatch) -- U.K. stocks on Friday recovered a portion of the losses scored in the previous trading session, with banks and oil firms pushing higher and J Sainsbury PLC on the rise after a broker upgrade.

The FTSE 100 index added 0.7% to close at 6,335.70, climbing back after a 1.6% decline on Thursday. On a weekly basis, the index inched 0.1% higher.

Shares of J Sainsbury gained 2.1%, after Citigroup lifted the supermarket retailer to buy from neutral.

Additionally, the bank said it expects earnings from Tesco PLC (>> Tesco Corporation), down 0.4%, and Wm. Morrison Supermarkets PLC to disappoint, up 0.2%.

The broader U.K. stock market benefited from a pickup in risk appetite across Europe after the German Ifo Business Climate Index jumped to 107.4, topping forecasts for a 104.7 and fueling hopes that Europe's largest economy is recovering. .

Risk-sensitive banks were among advancers. Lloyds Banking Group PLC gained 1.7%, HSBC Holdings PLC (>> HSBC Holdings plc) rose 0.7% and Barclays PLC (>> Barclays PLC) inched 0.2% higher.

Oil shares were also in positive territory. BG Group PLC rose 1.6%, Royal Dutch Shell PLC (RDSB) gained 0.6% and BP PLC (>> BP plc) inched 0.2% higher.

Shares of Vodafone Group PLC (>> Vodafone Group plc) gained 1.9%. The wireless-telecom firm said it had been selected by ThyssenKrupp AG to provide mobile services in 30 countries.

Shares of G4S PLC shaved off 0.9%, as HSBC cut the private-security firm to underweight from neutral.

"We think the market is disproportionately focused on G4S' UK public sector travails, which is 10% of group revenues," the analysts said.

"Instead, a much bigger risk is building. Manned security pricing is very weak in many developed markets, which makes cost recovery difficult and squeezes gross margins," they added.

Mining firms showed mixed moves in London, as most metals prices moved lower. Antofagasta PLC rose 1.6% and heavyweight Rio Tinto PLC (>> Rio Tinto plc) dropped 1.2%.

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

React to this article
Latest news
Date Title
04:11a DIRECTCASH PAYMENTS : DC Payments, BMO sign ATM deal covering Shell Canada locations
04:11a Analysis - If Greece falls, no one wants their prints on the murder weapon
04:11aDJNepal Earthquake Brings Everest Avalanche -- 2nd Update
04:08a If Greece falls, no one wants their prints on the murder weapon
03:53a ASIANA AIRLINES : plane moved nearly 2 weeks after botched landing
03:50a NATIONAL BANK OF ABU DHABI : NBAD participates in National Career Exhibition in Dubai
03:50a NORTHROP GRUMMAN : Fujairah Gladiators win top prize in UAE Innovation Challenge 2015
03:47a GO : to invest over €50 million to launch 'internet of the future'
03:45a STRAUMANN : UPDATE – Straumann: Invitation – 2015 First-quarter sales report – Conference call and audio webcast
03:37a HSBC : SACO's IPO covered 191% in 3rd day
Latest news
Advertisement
Hot News 
GCP STUDENT LIVING : Dividend Declaration and Net Asset Valuation
AERIE PHARMACEUTICALS : Pharma plunges aftermarket as Rhopressa study fails
SYQIC : Gets Working Capital Facility Offer, Improves Cash Position
INNATE PHARMA : and AstraZeneca announce global agreement for IPH2201 in immuno-oncology
French Connection warns on full-year results
Most Read News
04/25 DEUTSCHE BANK : to keep 500 German retail branches - Welt am Sonntag
04/25 KROGER : accounting celebrates 20 years of growth in Hutchinson
04/25 MANCHESTER UNITED : Rooney, Abramovich, Branson in UK Rich List
04/25 SOLARCITY : Town of Plattsburgh exploring solar project
04/25 MICROSOFT : Forty Years and a Big Slip
Most recommended articles
04:11aDJNepal Earthquake Brings Everest Avalanche -- 2nd Update
04:11a Analysis - If Greece falls, no one wants their prints on the murder weapon
04:08a If Greece falls, no one wants their prints on the murder weapon
02:22aDJVolkswagen Chairman Piech Resigns -- 2nd Update
12:23a Cuts to pay and perks trigger flight from China's state banks
Dynamic quotes  
ON
| OFF