Bloomberg News

Most European Stocks Gains; Prudential Advances as TomTom Slides

June 28, 2011

June 28 (Bloomberg) -- Most European stocks gained as Greek Prime Minister George Papandreou called on his country’s lawmakers to back tougher austerity measures. Asian shares advanced and U.S. futures were little changed.

Standard Chartered Plc rose 1.4 percent after the U.K.’s third-largest bank by market value said first-half profit before taxes may post “double-digit” growth from a year earlier. Prudential Plc climbed 1.9 percent after Goldman Sachs Group Inc. upgraded the U.K.’s largest insurer to “buy.” TomTom NV plunged 27 percent after cutting full-year profit and sales forecasts as U.S. demand for its devices declined.

The benchmark Stoxx Europe 600 Index advanced 0.2 percent to 264.42 at 9:57 a.m. in London as more than three stocks rose for every two that fell. Since its peak this year on Feb. 17, the gauge has still tumbled 9.2 percent as investors speculated that Greece will fail to repay all its debt. The retreat has left the measure trading at the cheapest valuation compared with reported profits since 2008, according to data compiled by Bloomberg.

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


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