Most U.K. Stocks Advance; Lloyds Rallies After Earnings
Stock Chart for Lloyds Banking Group PLC (LLOY)
The benchmark FTSE 100 Index increased 8.96, or 0.2 percent, to 5,746.74 at 8:04 a.m. in London, as four shares rose for every one that declined. The gauge retreated 0.5 percent last month as Britain slipped into a double-dip recession and concerns that the euro-area debt crisis may deepen returned. The FTSE All-Share Index added 0.1 percent today, while Ireland’s ISEQ Index gained 0.4 percent.
Lloyds climbed 2.2 percent to 31.7 pence after Britain’s biggest mortgage lender said first-quarter profit more than doubled as impairments shrank.
Pretax profit, excluding one-time items and asset sales, rose to 628 million pounds ($1 billion) from 284 million pounds in the year-earlier period, the London-based bank said. Analysts had predicted a profit of 422 million pounds, according to the median estimate of seven surveyed by Bloomberg. Total impairments fell by 36 percent, helped by the lender’s Irish and Australian units.
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