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UK shares edge higher; tracking worst quarter since 1987

Published 31/03/2020, 08:29
© Reuters.
UK100
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BP
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SHEL
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MRON
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FTMC
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(For a live blog on European stocks, type LIVE/ in an Eikon
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* FTSE 100 up 1.8%, FTSE 250 adds 1.9%
* Melrose tops FTSE 100 on cost-cutting plan
* Aston Martin slips on furloughing some employees

March 31 (Reuters) - UK shares moved higher on Tuesday as
stable oil prices and positive factory data out of China were
encouraging even though the blue-chip FTSE 100 was set for its
worst quarter since 1987.
The index .FTSE rose 1.8% by 0816 GMT, with turnaround
specialist Melrose Industries MRON.L surging 14.4% after
saying it was reducing its expenses, with senior staff across
many of its businesses taking a temporary 20% pay cut in an
effort to ride out the health crisis. The domestically focused midcap index .FTMC rose 1.9%, but
was on course to log its worst quarterly loss ever.
Oil prices steadied after hitting 18-year lows as U.S.
President Donald Trump and Russian President Vladimir Putin
agreed to talks to stabilise energy markets, helping oil
companies Royal Dutch Shell RDSa.L and BP BP.L gain more
than 2%. O/R
While there were concerns about a sustained recovery,
factory activity in China unexpectedly expanded in March from a
collapse the month before. Luxury carmaker Aston Martin AML.L fell 8.9% after saying
it is furloughing some employees as it handles the fallout from
the coronavirus outbreak, which has closed its car factories.

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