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MarketScreener Homepage  >  Indexes  >  FTSE 100 Index    F100   GB0001383545

FTSE 100 INDEX

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UK shares swing to best day since 2008 on massive stimulus plans

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03/24/2020 | 01:02pm EDT
FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain

The FTSE 100 saw its best day since the huge swings of the 2008 financial crash on Tuesday, retracing some of the past week's losses as massive stimulus efforts globally calmed investors amid the rapid spread of coronavirus.

The FTSE 100 index jumped 9.1% after closing at a more than eight-year low in the previous session, as investors cheered the U.S. Federal Reserve's offer of unlimited expansion of asset purchases and a $2-trillion stimulus package that U.S. lawmakers are closing in on.

The upbeat global mood took over British markets despite Britain going into lockdown as the number of coronavirus deaths recorded its biggest daily jump - by 87 to a total of 422.

"The positive reaction in stock markets since the Fed's extraordinary policy announcement yesterday belies the fact that central bank actions have yet to quell the strains showing up across the global financial system," Oliver Jones, senior markets economist at Capital Economics, wrote in a note.

"It is hard to see a lasting recovery in equity prices until those strains subside."

Some of the worst-hit stocks in the recent selloff such as Carnival Corp shot up 28.3% even as Carnival-owned Ruby Princess became Australia's largest source of coronavirus infections.

The commodity-heavy FTSE 100 was also boosted by a jump in oil and metal prices.

Oil majors BP Plc Royal Dutch Shell Plc rallied more than 20%, while the wider mining index <.FTNMX1770> rose 16%, led by BHP Group, Rio Tinto and Anglo American Plc.

UK midcap shares also rose 8.4%.

However, both the blue-chip and the midcap indexes was set for their worst month in over three decades as more companies issued profit warnings, cut costs and flagged concerns over rising debt.

Home furnishings retailer Dunelm Group said it would draw down all its available credit and cancel interim dividend payment due to the coronavirus pandemic.

Hotel operator Whitbread suspended shareholders' dividends and said it would immediately shut all its hotels and restaurants.

Britain's biggest sportswear retailer JD Sports rose 19% as it delayed the publication of financial results to May, but said it has enough cash to ride out the coronavirus crisis.

Investors looked past latest data that showed Britain's economy was shrinking at a record pace, faster than during the 2008-09 financial crisis.

The flash composite PMI sank to 37.1 from 53.0, its lowest since the survey started in January 1998 and below all forecasts in a Reuters poll of economists.

By Sruthi Shankar and Devik Jain

Stocks mentioned in the article
ChangeLast1st jan.
888 HOLDINGS PLC 4.97% 181.6 Delayed Quote.10.06%
ANGLO AMERICAN PLC 0.57% 1884.6 Delayed Quote.-13.27%
AT HOME GROUP INC. -7.50% 5.8 Delayed Quote.5.45%
BEST INC. 3.23% 4.8 Delayed Quote.-13.67%
BHP GROUP -1.07% 1660.6 Delayed Quote.-6.54%
BP PLC -4.07% 291.1 Delayed Quote.-38.51%
CARNIVAL CORPORATION & PLC -4.83% 14.58 Delayed Quote.-71.32%
CARNIVAL PLC 0.81% 944 Delayed Quote.-74.09%
DUNELM GROUP PLC -1.11% 1162 Delayed Quote.0.52%
INTERCONTINENTAL HOTELS GROUP PLC -2.39% 3720 Delayed Quote.-28.57%
JD SPORTS FASHION PLC -1.03% 650.8 Delayed Quote.-22.28%
JUST GROUP PLC 0.38% 47.98 Delayed Quote.-39.27%
LINE CORPORATION 0.91% 5530 End-of-day quote.3.36%
LONDON BRENT OIL -0.99% 41.98 Delayed Quote.-34.89%
NEXT PLC 0.58% 4700 Delayed Quote.-33.03%
RIO TINTO PLC -0.03% 4607.5 Delayed Quote.2.42%
SET 0.25% 1365.81 Real-time Quote.-13.55%
THE GLOBAL LTD. -4.50% 212 End-of-day quote.-54.99%
WHITBREAD PLC -3.54% 2179 Delayed Quote.-48.02%
WILL GROUP, INC. -2.16% 634 End-of-day quote.-49.36%
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Chart FTSE 100 INDEX
Duration : Period :
FTSE 100 Index Technical Analysis Chart | F100 | GB0001383545 | MarketScreener
Top / Flop FTSE 100 INDEX
PERSIMMON PLC 2575 Delayed Quote.5.36%
BERKELEY GROUP HOLDINGS PLC 4398 Delayed Quote.3.75%
BARRATT DEVELOPMENTS PLC 533.8 Delayed Quote.2.26%
ANTOFAGASTA PLC 989.2 Delayed Quote.1.94%
FRESNILLO PLC 925.6 Delayed Quote.1.87%
CENTRICA PLC 38 Delayed Quote.-4.23%
SSE PLC 1283.5 Delayed Quote.-4.29%
BRITISH AMERICAN TOBACCO PLC 2911.5 Delayed Quote.-4.49%
NATIONAL GRID PLC 850 Delayed Quote.-5.60%
ROLLS-ROYCE HOLDINGS PLC 256.3 Delayed Quote.-10.95%
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