U.K. Stocks Advance as Gains in Sky, Arm Offset Slump in MinersInyoung Hwang
U.K. stocks gained for a second day, with Sky Plc and ARM Holdings Plc leading the rally after reporting an increase in sales.
The FTSE 100 Index added 0.2 percent to 7,062.93 at the close in London, after earlier rising as much as 0.8 percent and falling as much as 0.3 percent. The FTSE All-Share Index also increased 0.2 percent, while Ireland’s ISEQ Index climbed 0.8 percent.
Sky jumped 5 percent after saying nine-month revenue increased as it signed up more customers. ARM, the chip designer whose technology is in almost all of the world’s smartphones, rose 3.9 percent after posting first-quarter revenue that increased 22 percent. InterContinental Hotels Group Plc gained 3.4 percent after reports named the hotel company as a possible bid target.
Rio Tinto Group lost 2.2 percent after reporting quarterly iron ore production expanded a less-than-estimated 12 percent. Anglo American Plc and BHP Billiton Ltd. fell at least 1.3 percent. Associated British Foods Plc slumped 5.3 percent after saying currency swings will cause a “modest decline” in full year earnings.