Stocks at the top of the iShares MSCI United Kingdom (EWU) on Friday, October 9, were Petrofac (PFC), Glencore (GLEN), and Anglo American (AAN). The Brent crude oil price rose in the UK as a result of Russia’s military action in Syria. Petrofac, an oil and gas service company, also gained owing to a dip in the US dollar, the currency in which oil and other commodities are denominated.
Glencore (GLEN) rose on October 9 because of its decision to cut its zinc production. Looking at the current global scenario regarding basic materials, Glencore, the world’s biggest zinc producer, decided to cut its production. The move increased zinc’s price sharply and also increased mining stock prices. It has also resulted in more than 1,500 job losses.
Stocks at the bottom
EWU stocks at the bottom on October 9 were Sports Direct International (SPD), Persimmon (PSN), and Tui Ag-Di (TUI). The stocks yielded -6.6%, -2.8%, and -2.3%, respectively, on the day. Sports Direct International (SPD) was downgraded to “equal weight” by Morgan Stanley (MS). RBC Capital downgraded it from “sector perform” to “outperform.”
Lloyds Bank rose
Lloyds Banking Group (LYG) rose by 0.63% on October 9 with the UK government offering its stake to the public. The government sold another 1% stake in LYG on Friday, which previously amounted to 11% of total holdings. Around 250,000 people had registered for the purchase of the bank’s stock. All the proceeds from the sales will be used to reduce the national debt.
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