London midday: Stocks extend gains as travel sector rallies again
By Michele Maatouk
Date: Wednesday 27 May 2020
(Sharecast News) - London stocks had extended gains by midday on Wednesday as optimism over lockdown easing offset concerns about growing tensions in Hong Kong and souring relations between the US and China.
The FTSE 100 was up 1.5% at 6,155.44.
Spreadex analyst Connor Campbell said: "With varying degrees of tenacity, the markets continued to rally on Wednesday, ignoring further potential red flags for the US-China relationship.
"As Beijing add a bill banning mockery of the Chinese national anthem, while preparing to rubber stamp a new set of national security laws, armed policed flooded the streets of Hong Kong in an attempt deter and disperse pro-democracy protests.
"Beyond the terrifying implications for Hong Kong itself, it is also adding fuel to the fire of US-China tensions. Trump has said he is 'displeased' with China, and that he will take action against the superpower this week if the national security laws are imposed.
"And yet, despite all this, investors were insistent on focusing on the lockdown-easing measures from around the globe, extending yesterday's substantial gains."
Investors were also eyeing the unveiling of a potential €500bn coronavirus stimulus package from the European Commission later in the day.
In equity markets, M&G rallied as it announced the acquisition of Royal London's digital wealth management platform for independent financial advisers and said it will pay dividends totalling £410m.
Asset manager St James's Place was higher as it reported a 1% uptick in net inflows for the month of April thanks to strong retention of client investments, and said funds under management rose to £108.8bn from £107.2bn the year before, benefiting from both positive net inflows and a positive investment return.
Turnaround specialist Melrose Industries was the standout gainer on the top-flight index, while Rolls-Royce and Meggitt also advanced.
Travel stocks were on the rise again, with cruise operator Carnival, British Airways and Iberia parent IAG and TUI all firmly in the black.
Market Movers
FTSE 100 (UKX) 6,155.44 1.45%
FTSE 250 (MCX) 17,220.64 1.70%
techMARK (TASX) 3,717.94 0.15%
FTSE 100 - Risers
Melrose Industries (MRO) 124.40p 17.41%
Carnival (CCL) 1,288.00p 15.93%
Rolls-Royce Holdings (RR.) 354.00p 12.45%
Meggitt (MGGT) 302.50p 9.60%
Whitbread (WTB) 2,681.00p 9.38%
M&G (MNG) 138.35p 8.68%
Royal Bank of Scotland Group (RBS) 121.95p 8.35%
British Land Company (BLND) 410.80p 8.11%
St James's Place (STJ) 947.80p 8.07%
International Consolidated Airlines Group SA (CDI) (IAG) 252.30p 7.91%
FTSE 100 - Fallers
Ocado Group (OCDO) 1,976.50p -6.19%
Polymetal International (POLY) 1,591.50p -3.81%
Pearson (PSON) 449.90p -2.34%
Hikma Pharmaceuticals (HIK) 2,408.00p -2.11%
Persimmon (PSN) 2,286.00p -1.76%
London Stock Exchange Group (LSE) 8,148.00p -1.50%
United Utilities Group (UU.) 862.80p -1.48%
AstraZeneca (AZN) 8,559.00p -1.30%
Just Eat Takeaway.Com N.V. (CDI) (JET) 8,594.00p -1.29%
BAE Systems (BA.) 507.20p -1.21%
FTSE 250 - Risers
TUI AG Reg Shs (DI) (TUI) 545.20p 18.83%
Cineworld Group (CINE) 82.00p 17.78%
Hyve Group (HYVE) 19.00p 17.14%
Virgin Money UK (VMUK) 101.45p 14.19%
Aston Martin Lagonda Global Holdings (AML) 49.80p 9.79%
Stagecoach Group (SGC) 70.25p 9.68%
National Express Group (NEX) 234.20p 9.13%
Jupiter Fund Management (JUP) 264.20p 8.46%
Provident Financial (PFG) 197.90p 8.26%
Unite Group (UTG) 822.50p 7.45%
FTSE 250 - Fallers
Petropavlovsk (POG) 23.60p -6.16%
Kainos Group (KNOS) 814.00p -3.21%
Spirent Communications (SPT) 242.00p -3.01%
Ultra Electronics Holdings (ULE) 1,912.00p -2.89%
Hochschild Mining (HOC) 194.30p -2.75%
Serco Group (SRP) 128.60p -2.65%
FDM Group (Holdings) (FDM) 818.00p -2.62%
Morgan Sindall Group (MGNS) 1,198.00p -2.60%
Computacenter (CCC) 1,582.00p -2.47%
Centamin (DI) (CEY) 160.50p -2.37%
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN