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UPDATE 2-TUI leads London stocks rebound; NMC, Intu miss out

Published 02/12/2020, 12:53 AM
UPDATE 2-TUI leads London stocks rebound; NMC, Intu miss out

* FTSE 100, FTSE 250 up 0.7%
* Virus death toll climbs beyond 1,000
* Signs of slowdown in new reported cases
* TUI top gainer on main index
* William Hill up after deal with CBS Sports

(Adds news items, analyst comments, graphic, closing prices)
By Shashwat Awasthi
Feb 11 (Reuters) - UK shares rebounded on Tuesday from two
sessions of losses after China's senior medical adviser
suggested the coronavirus epidemic may be over by April and U.S.
Federal Reserve chief Jerome Powell touted resilience in the
American economy.
The FTSE 100 .FTSE added 0.7%, helped by a 12% surge in
travel company TUI TUIT.L after it said strong demand for
holidays would help offset a hit from the Boeing BA.N 737 MAX
aircraft groundings on its annual profit. Airlines easyJet EZJ.L and British Airways-owner IAG
ICAG.L also added roughly 4% each.
The mid-cap FTSE 250 .FTMC rose 0.7%, helped by a 7% jump
in William Hill WMH.L after the bookmaker announced a
partnership with U.S.-based CBS Sports. Fed chief Powell remained fairly upbeat about the outlook
for the U.S. economy, though he warned the coronavirus could
lead to disruptions in China that spill over to the rest of the
global economy. "The global stock market rally is being powered by central
banks and, with a lot of the January and February data being
tossed out the window, risk appetite may run wild for a few more
weeks," OANDA analyst Edward Moya said.
"The People's Bank of China will remain active in delivering
more easing and with the Fed possibly on standby, risky assets
could remain attractive in the short-term."
Britain's benchmark stock indexes have mirrored volatile
swings in global markets over the past few weeks as the
China-linked virus spreads, raising concerns about a widespread
hit to economic growth.
The death toll from the outbreak has now crossed 1,000 but
investors drew some comfort from signs from a slowdown in new
cases in Hubei province as well as the steps Beijing has taken
to pump more cash into the economy. After soaring more than 30% in the previous session, shares
in NMC Health NMC.L gave up half those gains as private equity
firm KKR KKR.N said it did not intend to make an offer for the
healthcare provider. Intu Properties INTUP.L handed back almost all its
advances from Monday and tanked nearly 30% to a fresh life low
after saying Hong Kong-based Link REIT 0823.HK would not
participate in its cash raise. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
TUI https://tmsnrt.rs/31OerN5
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