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FTSE 100 rises as oil stocks rally on output cut hopes

Published 09/04/2020, 08:42
Updated 09/04/2020, 08:48
© Reuters.
UK100
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BP
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RTN
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(For a live blog on European stocks, type LIVE/ in an Eikon
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* FTSE 100 up 1.9%, FTSE 250 adds 2.3%

April 9 (Reuters) - A jump in oil prices boosted
producer-heavy UK stock markets on Thursday, as hopes grew that
OPEC countries and Russia would agree to output cuts this week.
The blue-chip index .FTSE rose 1.9% by 0711 GMT, with BP
BP.L and Royal Dutch Shell RDSa.l gaining more than 3%
ahead of an OPEC+ meeting where the world's largest oil
producers are expected to agree to cut production. O/R
Stock markets globally have racked up gains this week amid
signs that coronavirus death toll was levelling off in the U.S.
hotspot of New York and receding in hard-hit regions of Europe.
The number of infections and hospital admissions in Britain
are beginning to show signs of flattening, a medical director of
the National Health Service said on Wednesday. The domestically focused midcaps index .FTMC added 2.3%,
and was on track for its biggest weekly percentage gain on
record. The blue-chip FTSE 100 is set to record its best week
since July 2016.
Frankie and Benny's chain owner Restaurant Group RTN.L
rose 12.7% after it proposed to carry out a share placement of
up to 19.9% of the capital, to cushion the hit from ongoing
challenges raised by the spread of the coronavirus.

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