FTSE Shares That Soared and Plunged This Week
LONDON -- The FTSE 100 resumed its recent bullish run last week, putting on 93 points (1.4%) to close Friday at 6,648. That leaves the index of top U.K. stocks just 228 points short of the 13-year record it set on 22 May, and it surely can't be long before it is once again in record territory. We had mostly gains from individual stocks during the week, but there were a few fallers. Here are four of the week's biggest movers.
International Consolidated Airlines
International Consolidated Airlines, formed from the merger of British Airways and Spain's Iberia, gained 27.6 pence (9.5%) to end the week at 317 pence, after releasing better-than-expected first-half results. In fact, the airline operator achieved a second-quarter operating profit of 245 million euros, compared with a loss of 4 million euros for the same quarter of 2012. The upturn was due to a combination of higher capacity, better revenue per passenger, and lower operating costs.
Engineering group GKN reported first-half results, showing a 12% rise in sales to 3.87 billion pounds, with pre-tax profit climbing 5% to 278 million pounds. Earnings per share dropped 3%, but that was due to a less favorable tax rate, and the company was able to boost its interim dividend by 8% to 2.6 pence per share. The share price responded with a 27.4 pence (8.5%) rise on the week, to end Friday at 351.5 pence.
Lloyds Banking Group
First-half results from Lloyds Banking Group have been keenly awaited, and they did not disappoint. Underlying profit came in at 2.9 billion pounds, though statutory profits took a 0.9 billion pound hit from restructuring and other costs. The bank's core Tier 1 capital ratio stands at a healthy 13.7%, and net tangible asset value per share has reached 54.6 pence. The bank also upgraded its guidance for 2013, lifting its net interest margin expectation to "close to 2.1%," from 1.98% earlier. The share price gained 5.4 pence (7.8%) over the week to finish at 73.7 pence.
Not all bankers had it so good, with shares in Barclays sliding 34.7 pence (10.8%) to 285.5 pence. The bank announced a one-for-four rights issue at 185 pence per share to raise the cash needed to satisfy the Prudential Regulation Authority's capital requirements -- Barclays' leverage ratio, at 2.2%, falls short of the required 3%. But the news came as a bit of a shock, as Barclays had previously assured us it would be able to meet the regulator's targets without issuing new shares.
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The article FTSE Shares That Soared and Plunged This Week originally appeared on Fool.com.Alan Oscroft and The Motley Fool have no position in any of the stocks mentioned. 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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