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UK Shares Rise On Hopes Any US Stimulus Deal Could Spur Recovery

British shares rose yesterday as investors looked for signs of progress in passing a proposed US$1.9 trillion (RM7.7 trillion) stimulus plan by the US administration that could help spur a faster economic recovery this year.

The blue-chip FTSE 100 was up 0.1 per cent, with consumer staples and financial stocks being the top performers. The mid-cap FTSE 250 index rose 0.1 per cent.

The pound jumped to a near 34-month high as the dollar languished near its lowest in a week.

US President Joe Biden is due to business leaders yesterday as part of his efforts to secure a recovery package known as the American Rescue Plan.

“A lot of big vaccine optimism is starting to become little tempered. So until the virus is on its way out, investors can only be looking at more stimulus and government support,” said Keith Temperton, a sales trader at Forte Securities.

However, the online share of British grocery sales hit a record 16 per cent in January, up from 8 per cent in the same month last year, driven by increased demand during the country’s third Covid-19 lockdown, industry data showed.

The FTSE 100 has recovered nearly 33 per cent from its March 2020 lows, led by a raft of stimulus, but a surge in infections and widespread lockdowns have slowed economic growth. The index has also lagged its US and European peers, which are up 75 per cent and 47 per cent, respectively.

Britain said it would require passengers arriving from countries where worrying coronavirus variants were spreading to pay for 10 days of quarantine in hotels, while rule-breakers would face heavy fines or jail terms, under tighter restrictions from next week.

Homebuilder Bellway Plc rose 3.0 per cent after it reported strong demand for new homes, as low lending rates and a temporary cut in stamp duty boosted activity in the sector.

Ocado Group fell 1.7 per cent and was one of the top drags on the FTSE 100, even as the online grocer and technology group reported a 69 per cent increase in 2019-20 core earnings. ― REUTERS

BacalahMalaysia Team

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