Bloomberg News

U.K. Stocks Advance; Standard Chartered Gains, AstraZeneca Falls

June 27, 2011

June 27 (Bloomberg) -- U.K. stocks advanced before Greek lawmakers meet to debate austerity measures that the European Union has made a condition of providing further aid to the indebted country.

Inmarsat Plc dropped 1.1 percent as Citigroup Inc. downgraded its recommendation on the shares. AstraZeneca Plc retreated 0.9 percent as the company and Bristol-Myers Squibb Co. said patients taking their experimental diabetes pill had more breast and bladder cancers than people using a standard drug.

The benchmark FTSE 100 Index rose 0.3 percent to 5,714.29 at 10 a.m. in London. The FTSE All-Share Index also gained 0.3 percent, while Ireland’s ISEQ Index climbed 0.1 percent.

U.K. stocks fell last week, the gauge’s fifth straight week of losses, as U.S. Federal Reserve Chairman Ben S. Bernanke cut his growth forecast for the world’s largest economy. Since its peak this year on Feb. 8, the FTSE 100 has tumbled 6.2 percent as U.S. economic data trailed forecasts and concern mounted that Greece will default on its debt.

To contact the editor responsible for this story: Will Hadfield at whadfield@bloomberg.net


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