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MarketScreener Homepage  >  Indexes  >  FTSE 100 Index    F100   GB0001383545

FTSE 100 INDEX

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London stocks surge as recovery optimism buoyed by robust data

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06/03/2020 | 12:19pm EDT
FILE PHOTO: A street cleaning operative walks past the London Stock Exchange Group building in the City of London financial district, whilst British stocks tumble as investors fear that the coronavirus outbreak could stall the global economy, in Lond

By Ambar Warrick

UK shares closed at three-month highs on Wednesday as better-than-expected data from the world's two largest economies pointed to an ongoing economic recovery from the coronavirus.

The blue-chip FTSE 100 and the mid-cap FTSE 250 both added about 2.6% as readings showed business activity in the United States and China beginning to recover from the worst readings of the COVID-19 pandemic.

The data fed optimism over the UK economy grinding back into gear, as the government scales back virus-related lockdown measures.

"The economy's slowly coming back into production. It seems like we may have a much quicker recovery than what was anticipated before," said Michael Baker, analyst at ETX Capital.

"We're breaking key levels, and we're still a little bit further and farther off from where we were, pre-pandemic. There's aggressive buying on the high."

For a graphic on British Bluechips and the Coronavirus:

https://fingfx.thomsonreuters.com/gfx/mkt/oakveqnmnvr/FTSE%20100%20since%20March.PNG

UK stock markets have rebounded sharply from March's coronavirus-driven crash, with optimism about easing stay-at-home orders and more global stimulus offsetting concerns about U.S.-China tensions and growing civil unrest in the United States.

The FTSE 100 is now about 17% below its January record high, with battered autos <.FTNMX3350>, real estate <.FTUB8600> and travel stocks <.FTNMX5750> driving the rebound since April.

HSBC was the biggest boost to the blue chip index on Wednesday, rising more than 4% after the bank's top executive signed a petition backing China's imposition of a national security law on Hong Kong.

Oil and gas heavyweights Royal Dutch Shell and BP rose as hopes for recovering demand and likely OPEC production cuts boosted crude prices. [O/R]

TUI Group, Europe's biggest travel company, jumped 8.5% on a deal struck with U.S.-based Boeing for compensation and slower delivery of the 737 MAX aircraft.

Defence contractor Chemring Group soared 26%, its best day in nearly eight years, as it maintained its annual targets and raised dividends after winning new orders from the United States despite the coronavirus crisis.

(Reporting by Sagarika Jaisinghani and Shashank Nayar in Bengaluru; Editing by Arun Koyyur; Editing by Kirsten Donovan)

Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. 2.76% 5.96 Delayed Quote.8.36%
BEST INC. -6.67% 4.48 Delayed Quote.-19.42%
BOEING COMPANY (THE) 2.98% 178.44 Delayed Quote.-46.81%
BP PLC 0.28% 290.8 Delayed Quote.-38.34%
CHEMRING GROUP PLC 0.41% 242 Delayed Quote.0.62%
HSBC HOLDINGS PLC 1.21% 377.5 Delayed Quote.-36.17%
JUST GROUP PLC 2.25% 49.06 Delayed Quote.-37.90%
LONDON BRENT OIL 0.00% 42.875351 Delayed Quote.-35.88%
MAX CO., LTD. -1.13% 1488 End-of-day quote.-32.18%
ROYAL DUTCH SHELL PLC 1.38% 14.134 Delayed Quote.-45.98%
SCALES CORPORATION LIMITED 1.18% 5.15 End-of-day quote.2.79%
THE GLOBAL LTD. -3.30% 205 End-of-day quote.-56.48%
THE NEW HOME COMPANY INC. 2.16% 3.31 Delayed Quote.-28.97%
TUI AG 1.34% 4.091 Delayed Quote.-64.11%
WILL GROUP, INC. -2.52% 618 End-of-day quote.-50.64%
WORLD CO., LTD. -5.40% 1420 End-of-day quote.-47.23%
WTI 2.42% 40.565 Delayed Quote.-35.40%
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