U.K. Stocks Rise After Entering Bear Market as Pearson, BHP Gainby
Britain’s stocks rebounded after falling into a bear market, mirroring advances in the broader European shares.
The FTSE 100 Index added 0.4 percent at 12:04 p.m. in London, after climbing as much as 1 percent and falling 0.3 percent. Volatility has been on the rise, with a gauge tracking it jumping 63 percent this year as concern grew over the oil rout and slowdown in China. The FTSE 100 closed on Wednesday at its lowest level since November 2012, entering a bear market.
Miners rebounded across the board, with BHP Billiton Ltd. up 3.8 percent after closing at its lowest level since 2005. Pearson Plc rallied 14 percent as the publisher said it’ll cut about 4,000 jobs. Royal Mail Plc advanced 3.2 percent after reporting an increase in revenue. Kingfisher Plc climbed 3.3 percent after Bank of America Corp. recommended buying the stock.
Among stocks that fell, Rolls-Royce Holdings Plc lost 1.4 percent after Morgan Stanley downgraded the stock to the equivalent of a sell.
The broader FTSE All-Share Index gained 0.3 percent, and Ireland’s ISEQ Index added 0.5 percent. The volume of FTSE 100 shares traded was about 35 percent greater than the 30-day average.
The FTSE 100 has tumbled 8.7 percent this year in a broad selloff, with only five of its companies rising.