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UPDATE 2-UK midcaps close at 2-week high; Bluechips stifled by healthcare, miners

Published 21/07/2020, 09:29
© Reuters.
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* AstraZeneca biggest drag on FTSE 100, retreats from record
peak
* Ted Baker surges after quarterly earnings update
* Ladbrokes owner slumps as UK tax office expands probe
* BHP falls on warning of demand hit
* Energy majors gain on strong oil prices

(Updates to close)
By Sagarika Jaisinghani and Ambar Warrick
July 21 (Reuters) - London midcap stocks tracked European
markets higher on Tuesday after bumper stimulus measures from
the European Union, while a slight pull-back in the healthcare
sector on uncertainty over a coronavirus vaccine weighed on the
blue-chip index.
The mid-cap FTSE 250 .FTMC closed 0.7% higher at a
two-week peak, tracking gains in European shares .STOXX after
EU leaders agreed on a stimulus package to bolster economic
growth through the COVID-19 pandemic. .EU
The blue-chip FTSE 100 .FTSE ended up 0.1%, as gains in
energy were offset by drugmaker AstraZeneca AZN.L . The stock
retreated from life-time highs after the lead developer of its
vaccine expressed caution over when the vaccine could be rolled
out. Positive data from a series of vaccine tests had driven
stocks higher on Monday. Local stocks have also been cheered by
the British government's relaxation of virus-driven curbs on
activity to try to drive an eventual economic recovery.
"A vaccine could provide a more durable solution to the
coronavirus crisis, but we have now learned enough about the
virus to say that we think policymakers are unlikely to
re-impose national lockdowns to control the spread of COVID-19,"
UBS analysts wrote in a note.
The focus has turned to quarterly corporate earnings updates
to gauge the pace of a post-pandemic business recovery.
BHP Group BHPB.L , the world's largest miner, and rival Rio
Tinto RIO.L weighed on the FTSE 100 after the former reported
higher quarterly iron ore output, but warned of a hit to demand
for the material from the outbreak. Ted Baker TED.L soared 14.4% after the struggling fashion
retailer said it performed better than expected in the 11 weeks
to July 18. Ladbrokes owner GVC Plc GVC.L marked its worst day since
early-April after saying British tax authorities had expanded an
investigation into the gambling company's former online business
in Turkey to include unidentified entities within the group.

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