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* Pound holds near session high
* Shell boosts oil and gas asset value
* Boris Johnson quits as UK prime minister
* FTSE 100 up 1.1%, FTSE 250 adds 1.5%
July 7 (Reuters) - UK stocks climbed on Thursday, with the
domestically focussed FTSE 250 index hitting a one-week high,
after Boris Johnson announced he would quit as British prime
minister after he dramatically lost the support of his
The export-oriented FTSE 100 gained 1.1%, while the
FTSE 250 midcap index climbed 1.5% after Johnson's
Sterling was last up 0.5% against the dollar,
roughly where it was trading before Johnson resigned.
The currency hit two-year lows versus the dollar on
Wednesday after the resignation of top ministers left the
government dangerously close to paralysis.
"The question was the timing that now happened a bit sooner
than was generally expected, but the outcome was not a huge
surprise," Jonas Goltermann, senior markets economist at Capital
"Part of it is just the equities everywhere going up today
in a bit of a relief rally... The balance between UK specific
factors and global factors is so heavily skewed towards global
factors that UK news about who's going to be Prime Minister is
just not enough to generate that much of a move."
Oil & gas stocks boosted the commodity-heavy FTSE 100, with
Shell up 3.0% after the oil major said it would reverse
up to $4.5 billion in writedowns on oil and gas assets.
Miners Glencore and Ango American rose more
than 6% each as copper prices rebounded from 20-month lows on
news of possible stimulus in China.
Worries about economic growth and soaring inflation
continued to dominate global market mood, with investors now
looking to the earning season for signs on how companies are
faring amid costs and weakening consumer confidence.
Persimmon fell 5.0% after Britain's second-largest
housebuilder said the number of homes it delivered in the first
half was lower than expected.
The broader housing index declined 1.2% even
as mortgage lender Halifax said house prices in Britain surged
by 13%, the most since 2004 in the 12 months to June. The index
is hovering near its lowest level since October 2014.
(Reporting by Sruthi Shankar and Bansari Mayur Kamdar in
Bengaluru; Editing by Shounak Dasgupta and Andrew Heavens)