UK stocks slighty advance amid U.S. budget deficit concerns

Source: Dukascopy Bank SA
© scanpix/AP
U.K. blue chips were little changed, as investors switched to talks on lowering the U.S. budget deficit. The FTSE 100 benchmark index reached its highest level in 17 months yesterday after U.S. lawmakers passed a budget bill avoiding automatic tax increase and spending cuts. However, U.S. budget package will not diminish the deficit to a level that would enable to balk a downgrade of the nation's sovereign rating. The FTSE 100 index increased 0.1% to 6,034.09. Five out of nine groups in the index shrank with basic materials declining the most by 0.76%. Serco Group was the biggest gainer with its shares rallying 2.31%, while Next Plc. shares jumped 2.1% to 3,851 pence, the highest level in 24 years, after it raised its earnings forecast for the fiscal year ending in January. In addition, the clothing retailer reported better than expected Christmas sales. Both companies' shares lifted up the consumer goods group that added 0.25%. Alongside to that, CRH tumbled 1.4% to 1,265 pence after Canadian competition regulator approved its acquisition of Alliance Firms. Rio Tinto Group decreased 1.22% and triggered a decline in mining shares.


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