By Carla Mozee, MarketWatch
Retailers Next, Burberry helped drive gains
LONDON (MarketWatch) -- U.K. stocks climbed to a record high
Wednesday, with the benchmark FTSE 100 extending its reach with
help from gains in apparel retailers Next PLC and Burberry PLC.
The FTSE 100 rose 0.3% to 7,096.78, knocking down the previous
record close of 7,089.77 notched on April 10.
The blue-chip benchmark rode higher alongside the Stoxx Europe
600
(http://www.marketwatch.com/story/european-stocks-aim-for-new-record-ahead-of-ecb-policy-statement-2015-04-15)
, which also closed at a record, as European Central Bank head
Mario Draghi issued an upbeat take on how its bond-buying program
has been running since the launch last month. U.K. equities have
also been bolstered as a result of the ECB's quantitative-easing
program, analysts have said.
Retail stocks were among the best performing in London trade.
Next shares picked up 2.5% after J.P. Morgan Cazenove raised its
rating on the fashion retailer to overweight from neutral. It said
it sees scope for Next to recover some of its recent
underperformance between now and its interim update on April
29.
Burberry PLC also jumped 2.5% following its report of 9% growth
in same-store sales
(http://www.marketwatch.com/story/burberry-reports-strong-rise-in-same-store-sales-2015-04-15)
for the second half. But the luxury-goods retailer also reported
low-single-digit sales growth in Asia Pacific, "with further
deceleration in Hong Kong."
Meanwhile, Dixons Carphone PLC gained 2% after the company
agreed to sell its German mobile business
(http://www.marketwatch.com/story/dixons-carphone-sells-german-unit-to-drillisch-2015-04-15),
The Phone House Deutschland, to Drillisch AG, a mobile virtual
network operator.
Topping the FTSE 100 was Sports Direct International PLC ,
higher by 3.8% after rival JD Sports raised its dividend and, for
the first time, posted full-year profit of more than GBP100
million.
In the mining group, shares of Fresnillo PLC rose 2.5% after the
precious metals miner posted growth of nearly 19% in silver
production, and a 62% increase in gold output for the first
quarter. It also said it's still on track to boost output this year
(http://www.marketwatch.com/story/fresnillo-reports-rise-in-silver-gold-output-2015-04-15).
But decliners were paced by Bunzl PLC , with shares down 2.6%.
The company, which distributes business supplies, said it's agreed
to purchase a business in Turkey
(http://www.marketwatch.com/story/bunzl-to-make-more-acquisitions-trading-in-line-2015-04-15)
and has completed acquisitions in Canada and the Netherlands.
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