FTSE 100 continues climb as it rises by 1.8% or 107 points to 5861 in afternoon trading as investors are buoyed by oil price rally and UK plotting way out of lockdown
- FTSE 100 up 1.8 per cent this afternoon as the UK plans its way out of lockdown
- Domestically focused FTSE 250 also added 1.3 per cent, snapping a losing streak
- Boris Johnson is expected to review a the nationwide lockdown this week
- Here’s how to help people impacted by Covid-19
London markets continued to rebound this afternoon and climbed by 1.8 per cent after US stocks staged a late rally and European countries began to ease coronavirus restrictions.
The FTSE 100 index of Britain’s biggest firms continued its strong start to the day and was up by 107 points to 5861, as the UK begins to plots its way out of the lockdown. The domestically focussed FTSE 250 added 1 per cent.
Both benchmark indexes are set to snap a three-day losing streak, supported by broad-based gains for miners, banks, and travel and leisure stocks, as hard-hit countries including the United States and Italy relaxed stay-at-home orders.
Boris Johnson is expected to review a nationwide shutdown this week and unveil the plans to the nation on Sunday.
The government will reportedly recommend sweeping changes to workplaces to avoid a second wave of infections.
The FTSE 100 has rebounded this morning, with BP and Royal Dutch Shell providing the biggest boost
Meanwhile, in another sign of the economic damage from the COVID-19 pandemic, low-cost airlines Ryanair and Wizz Air reported a near total wipeout in passenger numbers in April.
But their shares rose 3.1% and 0.3%, respectively, after Wizz Air said it expected its figures to improve in May.
Equities and crude rallied Tuesday as investors cheered a further easing of lockdowns in some countries, which offset a brewing row between the US and China that some fear could see them renew their trade war.
While the death toll from coronavirus passed 250,000 and infections approached 3.6 million, there are signs it is easing, allowing governments in Europe and parts of Asia-Pacific as well as some US states to begin allowing some businesses to reopen.
The sun rises behind the London skyline, as the UK plots its way out of the coronavirus lockdown
The gains helped markets claw back some of Monday’s steep losses, though there remains a sense of caution on fears of a second wave of infection and as traders contemplate a long recovery from the economic destruction.
In early trade, Hong Kong rose 0.9 percent as dealers brushed off data showing the city’s economy suffered its worst contraction on record in the first quarter.
The reading means it is suffering its longest recession since the financial crisis.