By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- Standard Life PLC posted its best
one-day percentage performance since August 2012 on Wednesday on
the back of a well-received earnings report, while mining firms
tracked metals prices higher.
The FTSE 100 index rose 0.4% to close at 6,431.76, adding to a
2% gain from Tuesday.
Standard Life jumped 8%, after posting a better-than-expected
24% rise in sales for the first quarter, boosted by strong
performances in the U.K. and Canada.
Most banks were also on the rise, tracking an upbeat trading day
for the broader European sector, after weaker-than-expected German
business-confidence data stoked expectations of a rate cut from the
European Central Bank.
Shares of Lloyds Banking Group PLC (LYG) gained 1.7%, Royal Bank
of Scotland Group PLC (RBS) added 1.2%, while sector heavyweight
HSBC Holdings PLC (HBC) picked up 1%.
Bucking the positive trend among banks, shares of Barclays (BCS)
fell 1.3%. The bank posted a first-quarter net profit of 839
million pounds ($1.28 billion) vs. a loss of GBP598 million in the
same quarter last year, but said earnings were hit by GBP514
million in restructuring charges.
Mining firms also posted solid gains, as most metals prices
rose.
Shares of Vedanta Resources PLC gained 1.7%, Rio Tinto PLC (RIO)
put on 3.2% and Fresnillo PLC picked up 3.4%.
Oil firms further rose alongside rising oil prices. BP PLC (BP)
climbed 1.4%, Royal Dutch Shell PLC (RDSB) gained 1.7% and BG Group
PLC closed 1.1% higher.
On a more downbeat note in London, shares of Associated British
Foods PLC shaved off 2.5%, following a 8.1% rally the prior
day.
Brewer SABMiller PLC lost 1%. Peer firm Heineken NV lost 6.7%,
after the brewer said it sees volume pressure in all regions as it
posted a group beer volume decline of 2.7% in the first
quarter.
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