UK equities climb despite weak national data

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Source: Dukascopy Bank SA
© Scanpix/AFP
UK stocks advanced on Thursday amid optimism US policymakers will agree on budget until January 1. However, warnings from the BoE capped gains of the UK blue chips. The BoE reported that the country's banks may lack capital to set aside to limit potential market dangers due to the bank's over-optimistic risk assessment. Moreover, Nationwide house index was flat last month, confronting forecasts of a 0.1% increase. The FTSE 100 Index climbed 0.84% to trade at 5,851.88. All sectors included in the index jumped. Basic materials rose the most, boosted by Rio Tinto. Rio Tinto soared 3.74% after reporting a USD5-billion savings plan for the next two years.  Meanwhile, BP managed to inch up 0.08% despite a temporary ban from new contracts with the government of the US. The ban is linked to Deepwater Horizon disaster in 2010. At the same time, John Wood Group was the top-loser, tanking 3.99% as stockholders plan to sell a stake in the firm.


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Thu, 29 Nov 2012 14:26:22 GMT

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