U.K. stocks rise; Glencore off on M&A uncertainty
LONDON (MarketWatch) -- Oil and bank shares pushed the leading U.K. benchmark into positive territory Wednesday, after trading in the red for four straight sessions, though unexpected merger problems at
The FTSE 100 index (UKX) , down 3.1% over the previous four trading days, rallied 1.4% to 5,523.92.
Energy shares led the charge higher, after oil prices extended gains on the back of upbeat U.S. housing data late in the session. Pending home sales for May climbed to the highest level in two years, according to the National Association of Realtors. Pending home sales climb to two-year high in May, surging 5.9%.
Banks, having been among the main sectors driving markets lower earlier in the week, traded higher. Shares of
Bucking the trend, shares of Glencore (GLEN) dropped 1.5%. Qatar Holding, the sovereign-wealth fund that owns a substantial stake in miner
On Wednesday, Glencore said Xstrata's board of directors had proposed tweaking the conditions of the retention package linked to the merger. Shares of Xstrata added 1.4%. See: Qatar calls on Glencore to sweeten Xstrata offer.
Among other notable movers in London,