logo
Plus   Neg
Share
Email

FTSE 100 Rallies Amid US Stimulus Cheer

U.K. stocks rallied on Wednesday to extend gains from the previous session after U.S. lawmakers and the Trump administration reached an agreement on a sweeping $2tn stimulus package designed to curb the economic fallout of the coronavirus pandemic.

The benchmark FTSE 100 was up 225 points, or 4.1 percent, at 5,671 after rallying 9.1 percent in the previous session.

Miners rose across the board after mainland China reported a drop in new imported coronavirus cases. Anglo American, Antofagasta and Glencore surged 5-6 percent.

Shares of Centamin rallied 2.5 percent. The company announced that as of March 24, the company has experienced no material disruption to operations, supply chain or gold shipments due to the coronavirus or COVID-19 pandemic.

Diploma shed 0.8 percent. Issuing a trading update for the six months ending 31 March 2020, the Group stated that it performed well and in line with expectations.

Pest control firm Rentokil Initial slumped 10 percent. The company withdrew its fiscal 2020 guidance due to the impact of COVID-19 or Coronavirus.

Housebuilder Persimmon surged 8.2 percent after saying that its board remains confident of the Group's future prospects.

In economic releases, U.K. consumer price inflation slowed marginally in February, data from the Office for National Statistics showed Wednesday.

Consumer prices advanced 1.7 percent from last year, as expected, after gaining 1.8 percent in January.

Meanwhile, core inflation that excludes energy, food, alcoholic beverages and tobacco, rose to 1.7 percent from 1.6 percent in January. The expected rate was 1.5 percent.

On a monthly basis, overall consumer prices rose 0.4 percent versus forecast of 0.3 percent.

For comments and feedback contact: editorial@rttnews.com

Follow RTT