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London stocks jump as reopenings spur recovery hopes

Published 05/18/2020, 03:15 PM
Updated 05/18/2020, 03:20 PM
© Reuters.
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(For a live blog on European stocks, type LIVE/ in an Eikon
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* 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.

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