Bloomberg News

U.K. Stocks Fluctuate Near Two-Month High; Ashmore Shares Drop

October 13, 2011

Oct. 13 (Bloomberg) -- U.K. stocks fluctuated between gains and losses after the benchmark FTSE 100 Index rallied to a two- month high yesterday.

Ashmore Group Plc dropped 6.4 percent as assets under management tumbled. Rolls-Royce Group Plc jumped 7.9 percent after agreeing to sell its share in a jet-engine venture to Pratt & Whitney.

The FTSE 100 rose 8.69, or 0.2 percent, to 5,450.49 at 8:51 a.m. in London, after earlier sliding 0.6 percent. The FTSE All- Share Index gained 0.2 percent, while Ireland’s ISEQ Index added 0.4 percent.

U.K. stocks yesterday rallied to the highest level since Aug. 3 amid growing optimism that euro-area policy makers will contain the region’s debt crisis. European Commissioner for Economic and Monetary Affairs Olli Rehn said the region is moving toward a consensus on resolving the “calamity.”

Ashmore dropped 6.4 percent to 310.1 pence today after the U.K. fund manager focusing on emerging markets said assets fell 10.5 percent to $58.9 billion in the three months to Sept. 30.

Rolls-Royce rallied 7.9 percent to 675.5 pence after agreeing to sell its jet-engine venture to Pratt & Whitney for $1.5 billion.

--Editor: Andrew Rummer

To contact the reporter on this story: Sarah Jones in London at sjones35@bloomberg.net

To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net


American Apparel's Future
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus