U.K. Stocks Rebound From April Low; Balfour Beatty GainsSofia Horta e Costa
U.K. stocks advanced, with the FTSE 100 Index rebounding from its lowest level since April, after a report that Russian troops ended military exercises near Ukraine.
Balfour Beatty Plc climbed 2.5 percent after rejecting a renewed merger proposal from Carillion Plc. ITV Plc added 2.3 percent after Goldman Sachs Group Inc. said that the broadcasting company may become a takeover target. Synthomer Plc gained the most in almost two years after the maker of synthetic latex raised its interim dividend by 25 percent.
The FTSE 100 Index rose 65.46 points, or 1 percent, to 6,632.82 at the close in London. The gauge fell 1.7 percent last week, posting its first back-to-back weekly losses since March. The broader FTSE All-Share Index added 1.1 percent today. Ireland’s ISEQ Index jumped 1.3 percent, halting its longest losing streak in three years.
Russia’s Defense Ministry has returned its armed forces to their bases, Interfax said late on Aug. 8. Soldiers and planes had finished military drills at the Ashuluk firing range in the Astrakhan region on the Caspian Sea, the news agency said, citing the ministry.
Balfour Beatty climbed 2.5 percent to 243 pence. The builder rejected Carillion’s latest merger proposal, saying it could undermine the company’s aim to sell its New York-based Parsons Brinckerhoff division. Carillion added 1 percent to 324 pence.
ITV added 2.3 percent to 206.5 pence as Goldman Sachs said the likelihood of a bid for the media company has increased. Cable billionaire John Malone’s Liberty Global Plc, which last month bought 6.4 percent of ITV from Rupert Murdoch’s BSkyB, could acquire ITV with a partner or take a larger stake in the company to block rival bids, Goldman analysts said in a note.
Synthomer gained 8.3 percent to 225.2 pence, its biggest rally since August 2012, after the company boosted its payout to 3 pence per share. The stock had tumbled 29 percent since peaking in April at its highest price in at least 24 years.