By Shawn Langlois, MarketWatch
LONDON (MarketWatch) -- U.K. stocks gained Thursday in the wake
of a European Central Bank interest-rate cut and
better-than-forecast U.S. economic data.
The FTSE 100 gained 0.2% to end at 6,460.71.
Commodities trader Glencore International PLC was the top gainer
in the index, rising 5.4% after saying its merger with Xstrata PLC
is now complete.
Shire PLC was the top decliner in the FTSE 100. Its shares fell
6.7% after the drug maker said it sees full-year sales in the
mid-to-high single digits, lower than its prior view. Its revenue
fell short of expectations.
Shares of BG Group rose 4.3% after the oil and natural gas
company reported a 0.8% decline in net profit for the first
quarter, but said it was on track to meet project milestones for
this year. Imperial Tobacco Group shares added 2.8%.
Royal Dutch Shell was another winner from the oil and gas
sector, up 0.8% after the company said Chief Executive Peter Voser
will retire in 2014.
Shares of Legal & General Group PLC rose 2.5% after the
insurer said the outlook for its business is strong after posting a
forecast-beating 28% rise in total first-quarter new business
sales, helped by better performances for U.S. and U.K.
businesses.
The European Central Bank said it will lower its main
refinancing rate by 25 basis points to 0.5% while the rate on the
marginal lending facility will be cut by 50 basis points to 1%. At
a news conference, ECB President Mario Draghi said the central
bank's monetary policy would remain accommodative. Read the full
story.
Shares in London also failed to catch much of a lift from U.S.
jobless claims falling to a five-year low, which boosted U.S.
markets on Thursday.
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