Left Menu
Development News Edition

FTSE 100 set to gain for second week on Brexit hopes; British Land jumps

London's FTSE 100 rose on Friday, en route to a second straight weekly gain, as hopes of a Brexit deal and a new jobs support plan in the UK eclipsed worries about a fresh surge in COVID-19 cases, while British Land jumped on resuming dividends.

Reuters | Updated: 09-10-2020 13:59 IST | Created: 09-10-2020 13:59 IST
FTSE 100 set to gain for second week on Brexit hopes; British Land jumps

London's FTSE 100 rose on Friday, en route to a second straight weekly gain, as hopes of a Brexit deal and a new jobs support plan in the UK eclipsed worries about a fresh surge in COVID-19 cases, while British Land jumped on resuming dividends. British finance minister Rishi Sunak will announce later in the day a new plan to support jobs as the government tries to slow the renewed spread of COVID-19 by ordering the closure of some businesses, the finance ministry said.

The blue-chip FTSE 100 index climbed 0.4%, with mining and oil stocks leading the gains. The mid-cap index added 0.3%. Capping gains, however, was a slower-than-expected growth in Britain's economy in August from July, official data showed on Friday.

"Traders are beginning to enter the bad-news-is-good-news mode, as they feel there is more room left for the UK government to undertake fresh stimulus steps as headline data continue to disappoint," said Roland Kaloyan, a strategist at SocGen. "A slower drop in few corporate earnings was also providing an added push," Kaloyan said.

Higher oil prices and hopes of fresh U.S. stimulus have supported the export-heavy index over the past two weeks, offsetting worries about the pandemic's economic damage. Real estate firm British Land rose 5.3% to the top of the FTSE 100 after saying it would resume paying dividends in November and that it was in active talks with its tenants over rent payments.

TP ICAP, the world's biggest inter-dealer broker, dropped 2.1% on announcing plans to raise about $425 million through a rights issue to buy Liquidnet Holdings for a revised consideration of between $575 million and $700 million.


TRENDING

OPINION / BLOG / INTERVIEW

Turbulence surrounding tobacco control in Ghana

... ...

Refugee compassion and response: Ideas to mitigate disasters now and in their future

Their homeland becomes a forbidden territory for them and more likely than not, their journey to foreign soil is no less traumatizing, not to say deadly. It is crucial to help refugees live a life of dignity and purpose....

Inadequate water infrastructure causes a tidal wave of coronavirus in rural Alaska

... ...

Videos

Latest News

Shed arrogance, give justice to farmers: Rahul to govt

Congress leader Rahul Gandhi on Tuesday asked the government to wake up and shed arrogance to provide protesting farmers their rights. Farmers, mostly from Punjab and Haryana, are holding protests at the Singhu, Tikri and Ghazipur borders ...

Hiroyuki Sanada joins Brad Pitt in 'Bullet Train'

Veteran actor Hiroyuki Sanada has boarded the star-studded cast of the action-thriller Bullet Train, led by Oscar winner Brad Pitt. Sanada has previously starred in the HBO series Westworld, Marvel Studios tentpole Avengers Endgame and The ...

GLOBAL MARKETS-Asian shares extend gains on recovery hopes, following stellar November

Asian share markets began the new month with a bang on Tuesday, buoyed by the prospect of a COVID-19 vaccine fueling a global economic recovery, buoyant Chinese factory activity and expectations of continuing fiscal and monetary support.MSC...

Traffic woes continue amid farmers' protest

Serpentine queues of vehicles clogged the roads in parts of the national capital on Tuesday as the Delhi Police kept the Singhu and Tikri borders with Haryana closed for traffic and heightened checking at other places in view of the ongoing...

Give Feedback