U.K. Stocks Rally for Third Day; Merlin Entertainments, BP Gainby
U.K. stocks advanced for a third day, fluctuating throughout the day to close higher even as crude prices fell.
Merlin Entertainments Plc jumped 3.3 percent after naming a new chief financial officer. BP Plc and Royal Dutch Shell Plc added at least 1.6 percent, even as crude erased an earlier rise. Glencore Plc added 1.7 percent, rising for a third day.
Standard Chartered Plc plunged 5.3 percent after Investec cut the stock’s rating to hold from buy, saying the outlook for the bank’s impairments remain “highly uncertain.”
The FTSE 100 Index rose 0.7 percent to close at 5,862.17 in London, fluctuating after reaching as high as 1 percent higher. The benchmark has dropped 6.1 percent this year. The broader FTSE All-Share Index added 0.5 percent today, while Ireland’s ISEQ Index fell 0.5 percent.
Markets were further supported by reassurances from European Central Bank President Mario Draghi yesterday that policy makers will act if financial turmoil threatens price stability.