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FTSE 100 hits 19-day high as investors bet on recovery

Written by Business World, on 19th May 2020. Posted in World

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London's FTSE 100 climbed for a third straight day on Tuesday as investors pinned their hopes on a speedy recovery from a coronavirus-fueled recession, while several more UK firms took steps to shore up cash reserves to ride out the economic slump.

The blue-chip FTSE 100 rose 0.7% to a two-and-a-half week high following its strongest finish in nearly two months on Monday that was powered by positive data from an early-stage trial of a coronavirus vaccine.

The domestically focussed FTSE 250 added 1.3%, with battered insurers, miners and industrials among the strongest gainers in early trading.

Specialist insurer Beazley Plc jumped 4.9% as it said it had raised 247 million pounds ($301.83 million) in fresh capital.

But the world's largest caterer Compass Group fell 2.6% after launching a 2 billion pound ($2.44 billion) share offer to boost liquidity as the health crisis shuts its food service operations in offices and schools.

Tobacco group Imperial Brands Plc shed 3.9% as it announced plans to cut its dividend by a third and said it expects a bigger hit from the crisis in the second half of the year. (Reuters)

Source: www.businessworld.ie

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