👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

London stocks jump as reopenings spur recovery hopes

Published 05/18/2020, 03:15 PM
Updated 05/18/2020, 03:20 PM
© Reuters.
UK100
-
BP
-
SHEL
-
HOCM
-
INTUP
-
FTMC
-
FTNMX551030
-
STOXX
-

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
* FTSE 100 up 2.1%, FTSE 250 adds 1.8%

May 18 (Reuters) - London's FTSE 100 surged more than 2% on
Monday as investors bet on a faster economic recovery from a
looming coronavirus-driven recession with several hard-hit
countries easing lockdowns, while a jump in oil prices boosted
energy stocks.
The FTSE 100 .FTSE was up 2.1% at 0703 GMT after ending
Friday with its first weekly slide in three. BP Plc BP.L and
Royal Dutch Shell Plc RDSa.L gained 3.6% and 3.7%,
respectively, as signs of higher demand drove oil prices to a
one-month high. O/R
The blue-chip index has underperformed its European peers
this year, sliding 21% versus a more than 19% decline for the
STOXX 600 .STOXX amid forecasts the nationwide shutdown could
have wiped more than 30% off UK output last month. Precious metals miner Hochschild Mining Plc HOCM.L said on
Monday it would restart production at its Inmaculada and
Pallancata mines in Peru, targeting full output from these
locations in the coming weeks. The company's shares jumped 5.1%, while the mining index
.FTNMX1770 added 3.7%. The wider FTSE 250 .FTMC rose 1.8%.
However, mall operator Intu Properties Plc INTUP.L slumped
19% after warning it would likely breach its debt commitments at
the end of June due to falling rental payments.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.