U.K. Stocks Little Changed as FTSE 100 Posts Weekly Gain

U.K. stocks were little changed, as the FTSE 100 Index posted its biggest weekly advance in nine weeks, as investors weighed valuations that are at the highest level since 2009.

EasyJet Plc (EZJ) gained 1 percent after reporting that the number of passengers on its flights in June jumped 10 percent from a year ago. International Consolidated Airlines Group SA also rose. Vodafone Group Plc gained 0.9 percent after Citigroup Inc. added the British wireless carrier to its European focus list.

The FTSE 100 added 0.8 point, less than 0.1 percent, to 6,866.05 at the close in London. The equity gauge has advanced 1.8 percent so far this month, after U.S. payrolls data topped projections and the European Central Bank discussed details of its stimulus plans. The broader FTSE All-Share Index was also little changed today, and Ireland’s ISEQ Index decreased 0.6 percent.

The FTSE 100 (UKX) is trading at 14.4 times projected profits, according to data compiled by Bloomberg. That’s the highest level since December 2009 and compares with the five-year average of 11.7.

The volume of shares changing hands in FTSE 100-listed companies was 44 percent lower than the 30-day average, according to data compiled by Bloomberg. The U.S. stock market is closed for the Independence Day holiday.

EasyJet climbed 1 percent to 1,361 pence for the second-biggest gain in the FTSE 100. Europe’s second-largest discount airline said it carried about 6.1 million passengers in June, compared with 5.5 million a year earlier.

IAG added 0.7 percent to 367.6 pence as travel and leisure companies posted the biggest gain among the 19 industry groups in the Stoxx Europe 600 Index.

Vodafone (VOD) increased 0.9 percent to 198.35 pence, the highest price since June 11. The company was added to a recommended list for Europe by Citigroup, which cited the valuation, improvements in the core European markets and a strong outlook for its Indian operations.

To contact the reporter on this story: Inyoung Hwang in London at ihwang7@bloomberg.net

To contact the editors responsible for this story: Cecile Vannucci at cvannucci1@bloomberg.net Srinivasan Sivabalan

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.