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London stocks gain after BoE extends stimulus programme

Published 11/05/2020, 04:15 PM
Updated 11/05/2020, 04:20 PM
© Reuters.
UK100
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INCH
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FTMC
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FTNMX301010
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FTNMX402020
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(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
* FTSE 100 up 0.6%, FTSE 250 adds 0.6%

Nov 5 (Reuters) - London stocks rose on Thursday after the
Bank of England extended a stimulus programme to cushion
Britain's struggling economy, as it goes into a second
coronavirus lockdown.
The blue-chip FTSE 100 index .FTSE added 0.6% with bank
.FTNMX8350 and homebuilding .FTNMX3720 stocks among the
biggest gainers, while the domestically focused mid-cap FTSE 250
.FTMC gained 0.6%.
The BoE raised the size of its already huge asset purchase
programme by a further 150 billion pounds ($195 billion) and
said it expects Britain's economy to shrink by 11% in 2020, more
severe than the 9.5% contraction it had forecast in August.
Finance minister Rishi Sunak is set to speak later in the
day, with a report saying the government will extend its
pandemic bailout schemes even after the lockdown ends on
December 2. Auto distributor Inchcape Plc INCH.L jumped 5.5% after it
reported a better-than-expected third quarter and forecast its
second half to be ahead of market view, helped by pent-up demand
for new and used cars.

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