MW:U.K. stocks mostly rise; Weir Group, oil firms up
By Sara Sjolin, MarketWatch
LONDON (MarketWatch) — Most U.K. stocks traded in positive territory on Tuesday, with resource firms leading the index higher and Weir Group PLC jumping after affirming full year guidance.
The FTSE 100 index UK:UKX +0.71% added 0.4% to 5,513.56, possible extending gains into a third straight day. The index closed at its highest level since May 11 on Monday after pro-bailout party New Democracy won parliamentary elections in Greece.
Engineering solutions business Weir Group UK:WEIR +4.80% jumped 4.2% after it said it sees revenue opportunities of up to 3 billions pounds ($4.7 billion) over the next 10 to 15 years. Weir sees £3B minerals-unit revenue opportunities
Miner Evraz PLC UK:EVR +2.15% also rose on guidance news, up 2.3%, after saying it targets a $5 billion earning before interest, tax, depreciation and amortization in 2016. Evraz targets $5 billion Ebitda In 2016
Other miners were higher, as metals prices were mixed. Antofagasta PLC UK:ANTO +3.17% took on 2.3%, Rio Tinto PLC UK:RIO +2.16% added 1.7% and Vedanta Resources PLC UK:VED +2.23% rose 1.7%.
Oil firms further supported the U.K. index. BP PLC UK:BP +0.80% BP -1.72% inched 1.1% higher, BG Group PLC UK:BG +1.95% gained 1.7% and Royal Dutch Shell PLC UK:RDSA +0.80% UK:RDSB +0.84% RDS.A -0.47% RDS.B -0.45% was up 0.6%.
Whitbread PLC UK:WTB +8.17% shares moved jumped 7%. The UK hotel and restaurant company and operator of coffee bars reported that first-quarter same-store sales rose 4.5% while total sales rose 14%.
For the second quarter, Chief Executive Andy Harrison said in a statement, the company faces tougher comparative figures from a strong year- earlier period and “the uncertain impact of the summer’s major sporting events.”
Outside the main index, Shares of Home Retail Group PLC UK:HOME +17.35% jumped 16.4% in early trading. The UK general-merchandise retailer affirmed its outlook for full year profit. First quarter same-store sales were off 0.2% at Argos, while they were off 8.3% at Homebase, hurt by bad weather.
