Stock market live Oct 1: Top gainers – Xstrata, Barclays, Taylor Wimpey

Written on:October 1, 2012
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Coal mine

Miners have a field day at the UK stock market as Xstrata accepts Glencore’s bid terms

The UK stocks climbed up 62.2 points, or 1.1%, to 5,804.27 at 1.25 pm in London, with mining stocks leading the march with Xstrata’s acceptance of Glencore bid terms.

The UK stock market was also boosted by Spain will seek bailout from the EU, while traders awaited a speech from Federal Reserve chairman Ben Bernanke for further details on the central bank’s next round of quantitative easing.

As Aldi reported a near six-fold increase in operating profits to £102.9 million, rivals Sainsbury and Morrison featured on a shortened fallers board. UK stocks today advanced, rebounding from a three-week low, as analysts upgraded British lenders and stress tests bolstered confidence in Spanish banks.

Barclays Plc rose 2.8% after Liberum Capital advised investors to buy the shares. Liberum upgraded Barclays, Lloyds Banking Group Plc and Royal Bank of Scotland Group Plc to buy, citing bank deleveraging and reduced tail risks. RBS climbed 2% to 262.2 pence while Lloyds added 2.1% to 39.65 pence.

Xstrata Plc rose 2.9% after the board accepted Glencore International Plc’s revised takeover offer. Shareholders need to approve the takeover along with £144 million of retention bonuses or accept the deal with the exclusion of the pay. This means the deal can proceed even if the incentive payments are rejected. Glencore rose 0.5% to 344.95 pence.

Taylor Wimpey climbed 2.7% to 55.75 pence as Citigroup upgraded the homebuilder to buy from neutral and raised its share-price estimate by 31% to 67 pence. International Consolidated Airlines Group paced European airlines higher, increased 2.4% to 152.5 pence.

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