FTSE Still Doing The Most

The FTSE 100 outperformed continental rivals and the more domestically-focused FTSE 250 climbed to all-time highs on hopes that the reopening of vast swathes of the economy next week will unlock a growth boom.

The bluechip index in London was 1% higher by mid-afternoon in London on Wednesday, extending strong gains seen in the prior session. The early rise propelled the index to a 15-month high, reaching a level not seen since prior to the pandemic. The FTSE 250 was up 0.7% to trade above 22,000 for the first time.

The rally comes ahead of the next stage of reopening in the UK on 12 April. Companies set to benefit were on the up. Shopping centre operator Hammerson (HMSO.L) gained 5.8%, Wagamana-owner The Restaurant Group rose 4%, and pub group Marstons rallied 1.7% as it confirmed plans to reopen hundreds of its pub gardens next week.

Sentiment was helped by private sector data published on Wednesday morning that showed the UK’s dominant service sector returned to growth in March. The sector rebounded from a four-month decline as businesses prepared to reopen. On Tuesday, the IMF had upgraded its growth forecasts for the UK economy.

Both London stock indices performed better than other major European borses on Wednesday. The DAX was flat in Frankfurt and the CAC 40 was up 0.2% in Paris.

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Business Stance is dedicated to ensuring that every Nigerian comfortably stays one step ahead with an in-depth view of the global financial markets.

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Business Stance

Business Stance

Business Stance is dedicated to ensuring that every Nigerian comfortably stays one step ahead with an in-depth view of the global financial markets.

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