Profit Time

UK stocks price rises

U.K. stocks prices have increased with the FTSE 100 Index reaching a high figure for the first time in four days.

BP gained for the first time in four days as it struggled with rigorous attempts to stop the Gulf of Mexico oil leak which has wiped a third off the value from its stock since April 20. The price of BP bonds had decreased by a large percentage, indicating it might default on its debt. The downward trend started on Tuesday when BP’s plan to block a leak in the Gulf of Mexico by pumping mud into the well failed. BP’s bonds continued to fall even when its shares started recovering on Wednesday.

The benchmark FTSE 100 Index reached 59.86, or 1.2%, to 5,211.18. The measure has decreased by 11 percent from this year’s high of April 15 in the wake of the speculation that Europe’s debt crisis will hamper the gradual recovery process of the financial sector. The FTSE All-Share Index gained 1.2 % today while Ireland’s ISEQ Index also increased by 1.2 %

ARM, the U.K. designer of semiconductors used in Apple Inc.’s iPhone, gathered 5 percent to 267.9 pence. According to researcher Gartner, global semiconductor sales have been predicted to grow 27% this year compared with a forecast of a 20 percent gain done in February, Aviva’s share prices increased 4.1 percent to 339.1 pence, the highest level in three weeks.

Johnson Matthey Plc, the producer of one-third of all auto-catalysts rose 1% reaching 1,570 pence. The company submitted a sales report indicating sales figure of 7.84 billion pounds in the year to March 31, compared with 7.85 billion pounds one year before.

Kingfisher Plc, the UK-based international retailer rose 2.6 % to 229.6 pence. Europe’s largest home-improvement retailer has declared a 15 percent increase in first-quarter retail profit.

Tags: Stock Markets

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