By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- U.K. stocks were on the rise on
Wednesday after better-than-expected data on industrial production,
although a steep decline for Experian PLC weighed on the FTSE 100
index.
The benchmark index gained 0.1% to 6,753.77, after a 0.3% loss
on Tuesday.
The gain came as the Office for National Statistics said output
from British factories climbed 0.9% in September from August and
increased 2.2% on an annual basis. The figures were stronger than
expected, as economists had forecast a monthly rise of 0.5% and an
annual increase of 1.7%.
Among notable advancers in London, shares of Associated British
Foods PLC rallied 5.8% to 23.36 pounds after Morgan Stanley
reiterated its overweight rating on the Primark-owner and lifted
the price target to GBP24.10 from GBP22.65.
Shares of Old Mutual PLC added 1.3% after the global insurer
reported a rise in third-quarter sales as conditions in the U.S.
and U.K. improved.
EasyJet PLC rose 2.6% after the no-frills airliner said
passenger traffic climbed 5.4% in October. The gain for EasyJet
came even as HSBC cut the firm to underweight from neutral.
In Dublin, Ryanair Holdings PLC gained 2.7% after HSBC lifted
the budget airliner to overweight from neutral, given recent
weakness. The company sank 13% on Monday after it cut its full-year
outlook due to a dip in average fares.
On a more downbeat note in London, shares of Experian PLC slid
6.1% after the credit-data provider said it agreed to buy Passport
Health Communications Inc. for $850 million, subject to regulatory
approval. The company posted a sharp rise in half-year profit.
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