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FTSE 100 gains again on stimulus effect

Published 25/03/2020, 09:42
© Reuters.
UK100
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PSN
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RTO
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SSPG
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(For a live blog on European stocks, type LIVE/ in an Eikon
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* FTSE 100 up 1.4%, FTSE 250 gains 2.3%

March 25 (Reuters) - London shares gained on Wednesday as an
enormous U.S. stimulus package and evidence of moves by
companies to deal with the financial effects of the coronavirus
crisis offset the impact on markets of a surge in cases
domestically.
The blue-chip FTSE 100 .FTSE , down 30% in the past month,
on Tuesday saw its best day since the swings of the financial
crisis of 2008.
It had recovered another 1.4% by 0811 GMT, as oil & gas
companies, drugmakers and insurers rose.
U.S. senators and the Trump administration reached an
agreement on a $2-trillion package on Wednesday, expected to
include $500 billion in direct payments to people and $500
billion in liquidity assistance. The health crisis in Europe continues to deepen, with the
number of coronavirus deaths in Britain jumping on Tuesday, the
first day of a national lockdown. Businesses listed more damage, with housebuilder Persimmon
Plc PSN.L down 2% after saying it was starting an orderly
shutdown of its construction sites with only essential work
taking place. Pest control company Rentokil Initial Plc RTO.L plunged
19% as it withdrew its 2020 outlook and suspended dividend
payments even as it saw a surge in demand for its specialist
hygiene and disinfection services. British travel-food company SSP SSPG.L , however, rose
almost 9% as it launched an emergency issue of shares worth 20%
of its share capital on Wednesday as it laid off staff and cut
spending to try and ride out the coronavirus-driven collapse in
air travel.

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