FTSE 100 hits 19-day high as investors bet on recovery
Reuters
Published May 19, 2020 08:18
Updated May 19, 2020 09:55
(Reuters) - London's FTSE 100 climbed for a third straight day on Tuesday as investors pinned their hopes on a speedy recovery from a coronavirus-fuelled recession, while several more UK firms took steps to shore up cash reserves to ride out the economic slump.
The blue-chip FTSE 100 (FTSE) rose 0.7% to a two-and-a-half week high following its strongest finish in nearly two months on Monday that was powered by positive data from an early-stage trial of a coronavirus vaccine.
The domestically focussed FTSE 250 (FTMC) added 1.3%, with battered insurers (FTNMX8570), miners (FTNMX1770) and industrials (FTNMX2710) among the strongest gainers in early trading.
Specialist insurer Beazley Plc (L:BEZG) jumped 4.9% as it said it had raised 247 million pounds ($301.83 million) in fresh capital.
But the world's largest caterer Compass Group (L:CPG) fell 2.6% after launching a 2 billion pound ($2.44 billion) share offer to boost liquidity as the health crisis shuts its food service operations in offices and schools.
Tobacco group Imperial Brands Plc (L:IMB) shed 3.9% as it announced plans to cut its dividend by a third and said it expects a bigger hit from the crisis in the second half of the year.
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Written By: Reuters
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