Left Menu
Development News Edition

UPDATE 1-UK shares inch higher after previous sell-off on coronavirus fears

UPDATE 1-UK shares inch higher after previous sell-off on coronavirus fears
Image Credit: Flickr

Britain's benchmark stock indexes rebounded modestly after shedding more than 2% in the previous session, as dealers still assess the potential fallout from the fast-spreading coronavirus.

After suffering its worst day since early October 2019, the FTSE 100 edged up 0.1% on Tuesday. The FTSE 250 rebounded from its biggest one-day fall in more than a year to add 0.1% by 0900 GMT. Midcap Irn-Bru maker A.G. Barr soared 14%, on course for its best day since October 2005, after it forecast annual profit to be at the top end of the current market view.

Housebuilder Crest Nicholson rose 2.3% after it said British Prime Minister Boris Johnson's sweeping victory in the general election last month would support the sector in the near term. Shares of fellow housebuilders, which were subdued last year in the face of Brexit-related uncertainty, also advanced. Barratt and Taylor Wimpey rose roughly 1%.

An index of leisure and airline stocks clawed back some losses from its worst day in more than three-and-a-half years, and rose 0.6%. InterContinental Hotels gained 1.8%. However, luxury brand Burberry gave up 1.3%, a clear sign that traders remain uncertain about further potential headwinds as a result of the virus outbreak.

BUYING THE DIPS Financial markets have been battered in recent sessions as the death toll from the virus mounts and China scrambles to impose a string of measures to contain its spread.

Britain's blue-chip index has lost more than 1% this month, while the midcaps have shed over 2%. Markets.com analyst Neil Wilson suggested the recent slide in stock markets made for a more attractive entry point into equities for some investors.

"Buying the dips is alive and well - I would anticipate dips to be buying opportunities for many in the market," he said. However, Wilson remained sceptical of the market's ability to sustain the gains due to limited visibility of the situation in China and its potential impact.

Among smaller stocks, tourism and insurance firm Saga added 3.5% after saying it was on track to meet its annual profit outlook, despite a one-off charge related to the collapse of Thomas Cook last year. By contrast, Nostrum Oil & Gas slumped 8% after it forecast lower revenue for 2019 and said its production would drop next year.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.



Future of Food: Technology fostering the road to global food security

Technological innovation can help address most of the pressing issues facing the world today including food security by enhancing productivity, improving financial services, managing resources, addressing environmental concerns, etc....

Conspiracy theories on COVID 19: Legislators, Scientists, and Journalists all joined the Caravan

Conspiracy theories are not new for virus epidemics. There have been conspiracy theories on HIV-AIDS, Polio Vaccines, Ebola Virus, and several other diseases as well. However, what makes the 2019 Novel Coronavirus different from others is ...

Now it’s a war, Uganda deploys army to combat locust swarms

Its for the first time after 1986, the locust swarms have attacked Uganda twice in a season. With the increasing number of countries of Africa under attack by locust swarms, the problem seems to have taken a regional paradigm. Its very diff...

Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...


Latest News

NZ's Ministers meet Indian External Affairs Minister to strengthen ties

Foreign Minister Winston Peters and Minister for Trade and Export Growth David Parker met today with Indian External Affairs Minister Subrahmanyam Jaishankar to discuss ways to strengthen ties between New Zealand and India. India is a prior...

PRESS DIGEST- Financial Times - Feb 27

The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. HeadlinesLloyds and Direct Line to cut hundreds of UK jobs httpson.ft.com2PuBPu9 Walmart in talks over s...

Tunisia's parliament approves a coalition government

Tunisias parliament approved a new coalition government in a confidence vote on Thursday, after months of political wrangling that has slowed the north African countrys efforts to tackle looming economic problems.There were 129 votes in fav...

More nineteen public housing delivered in Auckland

Another nineteen new public housing homes are being delivered in Auckland, with the completion of development in Takanini.Housing Minister Megan Woods opened the homes built by registered community housing provider CORT Community of Refuge ...

Give Feedback