U.K. Stocks Pare Gains as Ukrainian Troops Attack ConvoyNamitha Jagadeesh
U.K. stocks pared their advance in the final hour of trading, leaving the FTSE 100 Index little changed, after Ukraine said its troops attacked a Russian military convoy.
BHP Billiton Ltd. gained 1.2 percent after the world’s biggest mining company said it may spin off some assets. Premier Oil Plc climbed 3.2 percent after UBS AG upgraded the shares. New World Resources Plc lost 4.8 percent after saying it won’t make a payment on some bonds.
The FTSE 100 added 3.82 points, or 0.1 percent, to 6,689.08 at the close in London, paring an advance of as much as 0.9 percent. The benchmark gauge has still risen 1.9 percent this week, its biggest weekly advance since May. The broader FTSE All-Share Index rose less than 0.1 percent today, while Ireland’s ISEQ Index advanced 0.6 percent.
Ukrainian government troops partially destroyed an armed convoy that entered the country through a rebel-held section of its border with Russia, a spokesman for the country’s military told reporters in Kiev.
BHP Billiton gained 1.2 percent to 2,050 pence. The company may announce next week a spinoff of assets, according to a statement. The directors will consider whether to focus on BHP Billiton’s four main businesses of iron ore, copper, coal and petroleum at a meeting next week.
Rio Tinto Group, the second-biggest commodity producer, advanced 0.9 percent to 3,406 pence.
Premier Oil climbed 3.2 percent to 336.8 pence after UBS raised its recommendation on the shares to buy from neutral. The brokerage said the company intends to narrow the gap between the stock price and net asset value and may boost its share buyback.
New World Resources declined 4.8 percent to 10 pence. The coal producer said it didn’t win the consent of a required majority of holders to make a coupon payment on unsecured bonds due July 15. The company had a 30-day grace period ending today.