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UK shares join global rally, Rio Tinto surges on upbeat results

Published 04/17/2020, 03:16 PM
Updated 04/17/2020, 03:20 PM
© Reuters.
UK100
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GILD
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RIO
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AAL
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ABF
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RIO
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FTMC
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FTNMX551030
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GLEN
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
* FTSE 100 up 2.7%, FTSE 250 adds 3.2%

April 17 (Reuters) - Britain's stock markets jumped on
Friday as investors cheered plans for gradual restarting of the
U.S. economy and encouraging data on possible treatment for the
COVID-19 disease.
The commodity-heavy FTSE 100 index .FTSE rose 2.7% by 0709
GMT, led by world's top iron ore miner Rio Tinto Ltd RIO.L
RIO.AX , which jumped 4.5%, after posting higher-than-expected
quarterly production. The wider mining index .FTNMX1770 gained 4.1%, with peers
Anglo American AAL.L and Glencore GLEN.L adding more than
4.5%.
The domestically focused midcap index .FTMC rose 3.2%.
However, both the indexes are on track to post weekly losses as
UK extended its lockdown for another three weeks to prevent the
spread of the pandemic, which has claimed 13,729 lives as of
Wednesday. Investors appeared to lean towards news that U.S. drugmaker
Gilead Science's GILD.O antiviral medicine showed rapid
recoveries in severe COVID-19 patients with fever and
respiratory symptoms, as per early data. The United States joined other countries in planning
lockdown exit measures with a staggered, three-stage approach
following weeks-long lockdown that has disrupted economic
activity. Primark owner Associated British Foods ABF.L rose 4.8%
after saying it is eligible to access funding under the UK
government's Covid Corporate Financing Facility to help it
through the coronavirus crisis.

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