U.K. Stocks Advance to Two-Week High as Aberdeen, Burberry RallyInyoung Hwang
U.K. stocks rose, sending the FTSE 100 Index to its highest since March 24.
Aberdeen Asset Management Plc jumped 4.2 percent for the biggest gain in the index. Burberry Group Plc rose for a second day on takeover speculation. The luxury retailer climbed yesterday after Goldman Sachs Group Inc. named it as a potential acquisition target and Credit Suisse Group AG forecast luxury sales increased in the first quarter. InterContinental Hotels Group Plc advanced 2.4 percent after Jefferies Group raised its rating on the company to hold.
Shire Plc retreated 1.2 percent after its experimental drug to treat a rare genetic disorder that affects the liver failed to meet targets in a mid-stage trial.
The FTSE 100 added 1.1 percent to 7,015.36 at the close in London. The benchmark gauge extended gains after the Bank of England kept the benchmark interest rate at a record low. The FTSE All-Share Index rose 1.1 percent, while Ireland’s ISEQ Index increased 1.2 percent.