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UK shares join global rebound on Fed stimulus

Published 24/03/2020, 09:42
© Reuters.
UK100
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BP
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SHEL
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CCL
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FTMC
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DNLM
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
* FTSE 100 gains 3.7%, FTSE 250 up 3.0%

March 24 (Reuters) - UK shares regained some poise on
Tuesday, as massive stimulus measures announced by the U.S.
Federal Reserve and others soothed nerves even as Britain went
into a lockdown.
The blue-chip FTSE 100 index .FTSE rose 3.7% following
strong gains in Asia, as investors took cheer from the Fed's
offer to expand asset purchases by as much as needed to
stabilize financial markets. Battered shares of Carnival Corp CCL.L jumped 8% to the
top of the index, while BP BP.L and Royal Dutch Shell RDSa.L
gave the biggest boost as oil prices jumped. O/R
UK midcap shares .FTMC also rose 3%.
The gains came even as more companies issued profit warnings
and Prime Minister Boris Johnson ordered Britons to stay at home
and told all, but essential shops, to close late on Monday.
Home furnishings retailer Dunelm Group DNLM.L dropped 6.7%
after saying it would draw down all of its available credit and
cancel its interim dividend payment due to the coronavirus
pandemic. All eyes will turn to IHS Markit's business activity survey,
with UK numbers scheduled for release at 0930 GMT.
Britain's flash composite Purchasing Managers' Index is
expected to slide to 45.1 points in March from 53 points a month
earlier as evidence of the devastation wreaked by the pandemic
mounts.

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