Britain's Stocks at Four-Month High Head for Third Weekly Gainby
U.K. shares were little changed a four-month high, set for a third consecutive week of advances.
The FTSE 100 Index added less than 0.1 percent, reversing a decline of as much as 0.4 percent. The gauge jumped the most since February in the past two days, erasing its annual losses. It closed at its highest level since Dec. 2.
3i Group Plc added 1.6 percent after its Action Holding BV said it plans to boost store space in Europe by at least 20 percent this year. ITV Plc added 1.5 percent after people familiar with the matter said it’s pursuing a takeover of Entertainment One Ltd. Johnson Matthey Plc also climbed 1.5 percent after Credit Suisse Group AG raised its rating on the stock to the equivalent of a buy.
Burberry Group Plc fell 3.6 percent after saying annual earnings will be at the low end of analysts’ estimates. Mothercare Plc plunged 21 percent, the most in two years, as it said international markets will probably remain challenging. Homebuilders Berkeley Group Holdings Plc, Barratt Developments Plc and Persimmon Plc fell as the Royal Institution of Chartered Surveyors said London’s property market is feeling the pressure from political uncertainty.
The broader FTSE All-Share Index was also little changed, while Ireland’s ISEQ Index slipped 0.3 percent.