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London stocks jump as retailers reopen after coronavirus shutdown

Published 06/01/2020, 03:24 PM
Updated 06/01/2020, 03:30 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 1.3%, FTSE 250 adds 1.1%

June 1 (Reuters) - London-listed shares rose more than 1% on
Monday as retailers began reopening stores following a
months-long coronavirus-led lockdown, with Primark owner pushing
ahead to restart business at all of its England shops on June
15.
Associated British Foods ABF.L , owner of the fashion
retailer, rose 3.1%, while the wider retailer index .FTNMX5370
added 1.0%. The blue-chip FTSE 100 .FTSE jumped 1.3%.
The domestically focussed mid-cap index .FTMC was also up
1.1%, building on a strong two-month rally that has been powered
by hopes the UK economy would rebound from a looming
coronavirus-fuelled global recession.
AstraZeneca Plc AZN.L rose 1.9% and was the biggest boost
to the FTSE 100 after its and U.S. drugmaker Merck & Co Inc's
MRK.N blockbuster cancer drug received a positive
recommendation from the European Medicines Agency (EMA) as a
maintenance treatment for a form of pancreatic cancer.
But Ted Baker TED.L slumped 23.7%. The fashion brand said
it would raise 95 million pounds ($117.84 million) through a
stock issue to help it ride out the coronavirus crisis, after
reporting a loss of 79.9 million pounds for the year to January.

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