U.K. Stocks Decline, Paced by Compass; Ireland's ISEQ Slides Oct. 21 (Bloomberg) -- U... UK Stocks Decline, Paced by Comp

Submitted by admin on Fri, 2005-10-21 11:00. ::

Oct. 21 (Bloomberg) -- U.K. stocks declined. Compass Group Plc, the world's largest catering company, paced the drop after saying it suspended the head of one of its units amid allegations of corruption in some contracts awarded by the United Nations.

The benchmark FTSE 100 Index lost 8.3, or 0.2 percent, to 5155.8 at 9:40 a.m. in London, taking its weekly drop to 2.3 percent. Almost two stocks fell for every one that rose. The FTSE All-Share Index also fell 0.2 percent, reaching 2582.98. Ireland's ISEQ slipped 0.7 percent, to 6443, paced by Elan Corp. The measure has lost 3 percent this week.

Compass tumbled 7 percent to 172.75 pence. The company said it has suspended Peter Harris, head of the company's business in the U.K. and Ireland, the Middle East and Africa, and hired Freshfields Bruckhaus Deringer law firm to probe allegations of corruption in some contracts awarded by the United Nations.

PartyGaming Plc, the world's largest online poker operator surged 10.3 percent to 86 pence. The company said there was ``material'' improvement in sales growth since the third quarter. Revenue for the three months ended Sept. 30 increased 32 percent to $220 million from its poker and online casino players.

Other Internet betting-related companies gained. Shares of Empire Online Ltd, which helps gaming Web sites win customers, added6.7 percent to 89 pence. Sportingbet Plc rose 6.4 percent to 276.5 pence.

Beximco Pharmaceuticals Ltd. (BXP LN), the drugmaking unit of Bangladesh's biggest company, rose 7.5 pence, or 13 percent, to 67.5 as the stock commenced trading in London.

Easynet Group Plc (ESY LN) soared 44.5 pence, or 35 percent, to 172. Rupert Murdoch's satellite broadcaster British Sky Broadcasting Plc agreed to buy the Internet and broadband provider in an offer that values the company at 211 million pounds, or 175 pence a share, 38 percent more than yesterday's closing price.

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