By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- After a choppy session, the U.K.'s FTSE
100 index ended higher for a seventh straight day on Monday with
gains for Bunzl PLC and Vodafone Group PLC offsetting weakness in
HSBC Holdings PLC after a disappointing earnings report.
The FTSE 100 index gained 0.4% to close at 6,865.86, after
swinging between gains and losses for most of the session.
The broader positive sentiment came after U.S. markets opened in
the green, with the S&P 500 scoring an intraday record.
Among notable movers in London, shares of Bunzl PLC picked up
6.9% after the distribution and outsourcing company reported an 8%
rise in 2013 earnings per share.
Shares of Vodafone Group PLC (VOD) rose 3.1% as a share
consolidation following the sale of its Verizon Wireless stake
became effective.
Adding pressure on the U.K. benchmark, shares of HSBC (HSBC)
lost 2.8% after the banking major posted a profit that fell short
of expectations. Full-year 2013 pretax profit for the bank rose 9%
to $22.56 billion, compared with $20.65 billion a year ago. A
consensus forecast of analysts polled by Bloomberg News called for
a profit of $24.6 billion.
Shares of RSA Insurance Group PLC gave up 3.7% after the company
scrapped plans to raise emergency funds through a small group of
investors and instead will press ahead with a cash call for at
least 500 million pounds ($831 million) to be asked of all
shareholders, according to The Times.
On a sector basis, mining firms posted some of the biggest
losses on renewed concerns about a tightening in the Chinese
property market. Stubbornly high property prices have triggered
worries that a fresh round of market curbs by Beijing is looming.
Adding to those fears, Chinese local media said a medium-sized bank
has tightened its financing to property developers because of
heightened risk.
Miners are sensitive to China's construction sector as the
country is a major user of natural resources. Shares of Rio Tinto
PLC (RIO) dropped 1.8%, Anglo American PLC lost 1.7%, Antofagasta
PLC fell 2.3%, and BHP Billiton PLC (BHP) gave up 0.5%.
Outside the main index, shares of Dixons Retail PLC jumped 6.7%
and Carphone Warehouse Group PLC rallied 8.8% after the two
retailers confirmed they are in preliminary discussions about a
potential merger.
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