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London stocks rise on optimism around virus drug, upbeat earnings

Published 04/30/2020, 03:13 PM
Updated 04/30/2020, 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 0.3%, FTSE 250 up 0.6%

April 30 (Reuters) - UK stock markets rose on Thursday as
investors cheered signs of progress in developing a treatment
for the novel coronavirus, while Reckitt Benckiser surged after
reporting strong demand for its products ahead of the lockdown.
The consumer goods firm RB.L said sales of its Lysol
disinfectants, Mucinex cough syrup and Dettol soap had jumped in
the first quarter and that it now expected performance in 2020
to be better than initially forecast. Its shares rose 3.2%,
pushing up the household goods index .FTNMX3720 2.3%.
The blue-chip FTSE 100 .FTSE rose 0.3%, climbing for the
fourth straight session and on track to post its biggest monthly
gain since 2011, with investors betting on a recovery in
business activity as economies start emerging from shutdowns
imposed to contain the coronavirus.
The domestically focussed mid-cap index .FTMC added 0.6%.
Positive partial results from a trial of U.S.-based Gilead
Sciences Inc's GILD.O remdesivir in speeding up recovery from
the disease also added to global optimism on Thursday.
MKTS/GLOB
On the other hand, Royal Dutch Shell RDSa.L fell 2.8% as
it cut its dividend for the first time in 80 years and suspended
the next tranche of its stock buyback programme.

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