Recovery hopes power UK stocks; easyJet jumps

UK shares rose on Thursday after early signs of a pickup in business sentiment fuelled hopes of a post-coronavirus economic rebound, while easyJet jumped on a plan to cut staff following a collapse in global air travel. Low-cost airline EasyJet Plc rose 4.3% to the top of the FTSE 100 as it said it would cut up to 30% of its staff and shrink its fleet.

The blue-chip FTSE 100 climbed another 0.8% after ending Wednesday at an 11-week high, with health care and financial firms among the top boosts to the index. The mid-cap FTSE 250 added 1.1%, extending gains for the ninth session in a row, as a survey showed British employers turned a bit less pessimistic about hiring and investment this month following moves to reopen the economy.

Cinema operator Cineworld Group Plc soared 16% as it secured an additional $110 million from lenders and a waiver on loan covenants as the company looks to reopen all its cinemas in July.