U.K. Stocks Little Changed; Severn Trent, Vodafone Drop
U.K. stocks were little changed, following two days of losses, as mergers-and-acquisition activity increased.
Severn Trent Plc plunged the most in more than 3 1/2 years as a consortium of partners abandoned a bid for the water utility. Vodafone Group Plc fell to a two-month low after confirming it approached Kabel Deutschland Holding AG about a takeover. British Sky Broadcasting Group Plc gained 1.6 percent after Banco Espirito Santo SA said it may get a new bid from News Corp.
The FTSE 100 Index rose 3.37 points, less than 0.1 percent, to 6,343.45 at 10:15 a.m. in London. The equity benchmark has lost 7.3 percent since Federal Reserve Chairman Ben S. Bernanke said May 22 that the central bank may scale back stimulus if the U.S. economy improves sustainably. The broader FTSE All-Share Index added less than 0.1 percent today, while Ireland’s ISEQ Index gained 0.2 percent.
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