UK shares at more than 1-1/2 year high after Christmas break

Author of the article: UK shares rose in thin holiday trading on Wednesday with defensive and financial stocks leading gains, against the backdrop of Britain reporting a record number of COVID-19 cases and slim prospects of pandemic-related lockdowns this year. The blue-chip FTSE 100 gained 1.1% following a two-day Christmas break and is on track…
UK shares at more than 1-1/2 year high after Christmas break

Author of the article:

UK shares rose in thin holiday trading on Wednesday with defensive and financial stocks leading gains, against the backdrop of Britain reporting a record number of COVID-19 cases and slim prospects of pandemic-related lockdowns this year.

The blue-chip FTSE 100 gained 1.1% following a two-day Christmas break and is on track for its best yearly performance since 2009.

Britain reported a record 129,471 new cases of COVID-19 on Tuesday, a day after Prime Minister Boris Johnson said he would not bring in new restrictions this year to limit the spread of the Omicron coronavirus variant.

Banks added 1.1%, eyeing gains for the fifth straight week, as shares of HSBC, Barclays, Standard Chartered and Lloyds Group rose after the Bank of England increased its interest rate to 0.25% from a record low of 0.1% for the first time since the pandemic.

“There is some inclination towards the defensive and financials stocks, as market participants have been bruised by the volatility of the new (coronavirus) variant,” said Kunal Sawhney, chief executive at Kalkine Group.

Despite a turbulent year and record-low interest rates, London’s banking stocks are eyeing their best year since 2012. The banking index in UK has gained 22.9% this year, outperforming the 15.4% rise in FTSE 100.

Defensive sectors such as consumer staples that tend to be less sensitive to the economic climate boosted the FTSE 100 index. Reckitt Benckiser, Diageo and Unilever gained between 0.9% and 1.6%.

The domestically focussed mid-cap index advanced 1.5% in morning trade helped by retail stocks, with Marks and Spencer gaining 3.1%.

Drugmaker AstraZeneca rose 1.0% after closing an agreement with Ionis Pharmaceuticals to develop and commercialize a drug. (Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Shounak Dasgupta)

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
Christina Lake Cannabis Corp. Announces Postponement of Special Meeting of Preferred Shareholders
Read More

Christina Lake Cannabis Corp. Announces Postponement of Special Meeting of Preferred Shareholders

Author of the article: VANCOUVER, British Columbia, Feb. 17, 2022 (GLOBE NEWSWIRE) — (CSE: CLC) Christina Lake Cannabis Corp. (the “Corporation” or “Christina Lake”) announces that the special meeting (the “Meeting“) of class B preferred shareholders (the “Preferred Holders“) originally scheduled for February 21, 2022 to consider certain amendments to the preferred share terms, has been…
Choice Properties Real Estate Investment Trust Schedules Second Quarter 2022 Results Release
Read More

Choice Properties Real Estate Investment Trust Schedules Second Quarter 2022 Results Release

Author of the article: TORONTO — Choice Properties Real Estate Investment Trust (“Choice Properties” or the “Trust”) (TSX: CHP.UN) announced today that it will be reporting second quarter 2022 results on Thursday, July 21, 2022 after-market hours. Management will host a conference call the next day on Friday, July 22, 2022 at 9:00 AM (ET)…
Canoe EIT Income Fund Announces May 2022 Distribution
Read More

Canoe EIT Income Fund Announces May 2022 Distribution

Author of the article: Not for Distribution to U.S. Newswire Services or for Dissemination in the United States of America. CALGARY, Alberta, May 06, 2022 (GLOBE NEWSWIRE) — Canoe EIT Income Fund (the “Fund”) (TSX – EIT.UN) announces the May 2022 distribution of $0.10 per unit. The distribution will be paid on June 15, 2022…