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London stocks gain as global economies reopen, StanChart jumps

Published 04/29/2020, 03:24 PM
Updated 04/29/2020, 03:30 PM
© Reuters.
UK100
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STAN
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FTMC
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(For a live blog on European stocks, type LIVE/ in an Eikon
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* FTSE 100, FTSE 250 up 0.6%

April 29 (Reuters) - UK stocks rose for a third straight day
on Wednesday as investors looked past a round of dour quarterly
earnings reports on optimism over a revival in business activity
after several countries began easing coronavirus-induced
shutdowns.
Standard Chartered PLC STAN.L said it expected
virus-battered economies to recover later this year, even as it
beefed up to cover potential loan defaults due to the health
crisis. The lender's shares jumped 5.9% and lifted other bank
stocks. The blue-chip FTSE 100 .FTSE was up 0.6%, hovering near
seven-week highs, while the domestically focussed mid-cap index
.FTMC also added 0.6%.
London's stock indexes have jumped more than 5% this month
on a flood of global stimulus and hopes the pandemic was
starting to be contained, but sentiment remains fragile as
corporate earnings underline the extent of the economic damage
already done.
British Airways-owner IAG ICAG.L fell 3.9% after
forecasting that passenger numbers would take years to recover
and saying that it would cut more than a quarter of its jobs.

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