U.K. Stocks Gain as Russia, Ukraine Hold Talks; ARM RisesInyoung Hwang
U.K. stocks climbed, after the FTSE 100 Index’s biggest weekly gain in more than three months, as diplomats in Ukraine and Russia discussed a possible cease-fire.
ARM Holdings Plc advanced 2.6 percent after Goldman Sachs Group Inc. added the chip designer to its conviction-buy list. Anglo American Plc and Glencore Plc each climbed more than 1 percent as commodity producers increased.
The FTSE 100 rose 52.17 points, or 0.8 percent, to 6,741.25 at the close in London. The benchmark gauge rallied 1.9 percent last week amid speculation that the Bank of England will hold off on raising interest rates. The broader FTSE All-Share Index added 0.8 today, while Ireland’s ISEQ Index gained 0.9 percent.
Ukrainian Foreign Minister Pavlo Klimkin and his Russian counterpart Sergei Lavrov met in Berlin over the weekend in discussions that may result in concrete steps for leaders to consider, the Russian Foreign Ministry said on its Facebook page. German Foreign Minister Frank-Walter Steinmeier, who also attended the meeting, said the leaders made progress in their talks of a potential cease-fire.
ARM gained 2.6 percent to 930.5 pence, the highest price since April 25. Goldman Sachs said the company, whose products power Apple Inc.’s iPhone and iPad, will benefit in the second half of the year from new high-end smartphones. Royalty weakness in the first half the year was temporary, Goldman Sachs said.
Anglo American advanced 1.4 percent to 1,599 pence, while Glencore climbed 1.5 percent to 364.1 pence. Eight out of 15 members in the FTSE 350 Mining Index advanced as the gauge increased 0.8 percent.