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Upbeat earnings lift London stocks, Hastings surges on buyout

Published 08/05/2020, 03:20 PM
Updated 08/05/2020, 03:30 PM
© Reuters.

© Reuters.

(For a live blog on European stocks, type LIVE/ in an Eikon
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* FTSE 100 up 0.8%, FTSE 250 adds 0.5%

Aug 5 (Reuters) - UK shares rose on Wednesday as a clutch of
quarterly earnings reports signalled a rebound in consumer
demand following the easing of coronavirus restrictions, while
insurer Hastings surged after agreeing to a $2.2 billion buyout
offer.
The motor insurer HSTG.L jumped 17.5% to the top of the
FTSE 250 after agreeing to be bought by Finland's Sampo
SAMPO.HE and South Africa's Rand Merchant Investment (RMI)
RMIJ.J . The mid-cap FTSE 250 .FTMC was up 0.5%, also boosted by
industrial, consumer discretionary and financial stocks.
The export-laden FTSE 100 .FTSE gained 0.8%, with
investors also watching signs of progress in a U.S. fiscal
relief bill. White House negotiators have vowed to work "around
the clock" to reach a spending deal by the end of the week.
MKTS/GLOB
Soft drinks bottler Coca Cola HBC CCH.L rose 4.7% as it
said business had recovered from April lows. Bookmaker William Hill WMH.L added 5.5% on reporting a
better-than-expected first-half profit, while announcing 119 UK
betting shops closed by coronavirus lockdowns would not reopen
as it combines its online and retail British businesses.

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