FTSE Shares That Soared and Plunged This Week
LONDON -- Although the FTSE 100 ended the week just 20 points up, at 6,412, it trod an erratic path getting there, slumping as low as 6,344 points on Wednesday as the worst of the Cyprus banking fallout hit European markets. With a bailout agreed to for the island member of the eurozone by the end of the week, the index of top U.K. stocks recovered, though the eventual punishment to be faced by savers in Cyprus is yet to be known.
Here's a look at the big movers on the FTSE this past week.
TUI Travel gained 14.6 pence (4.7%) during the week to end at 325.6 pence, after the owner of the U.K.'s Thomson and First Choice brands told us that profit growth this year could approach 10%. In its first-half update, the company revealed a 2% rise in winter sales and told us that the momentum had continued into a 7% rise in mainstream summer vacation sales. The stock price has now doubled since last summer's low of 158 pence.
Legal & General
The U.K. insurance sector has been very mixed of late, but Legal & General had a reasonable week, up 3.6 pence (2%) to 172.7 pence. The rise comes after the company announced that it is to acquire the 75% of the Cofunds financial services investment platform that it doesn't already own. The deal will cost 131 million pounds in cash, valuing Cofunds Holdings at 175 million pounds.
Wm Morrison Supermarkets
Wm Morrison Supermarkets continued its recent recovery this week, picking up a further 7.7 pence (2.9%) to 276 pence. The supermarket chain has seen its price slump over the past year, losing 18% in the 12 months to early February, as it has lost market share to Tesco and J Sainsbury. Since then, the price has rebounded by 11%, but the stock is still at a forward P/E of only around 10.5, based on forecasts for January 2014.
Eurasian Natural Resources
Eurasian Natural Resources saw its stock price slide further over the past week, dropping 39 pence (14%) to 246 pence. Since the Kazakhstan-focused natural resources company revealed an annual loss of $852 million on March 20, the price has slumped by 21%. But that's nothing compared with the longer term -- the stock has lost 80% since its 2010 high of 1,267 pence. There will be no final dividend this year.
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The article FTSE Shares That Soared and Plunged This Week originally appeared on Fool.com.Alan Oscroft has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Tesco. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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