London stocks shoot up as retailers reopen after shutdown
(Finance) – London-listed shares rose more than 1% on Monday as retailers began reopening stores following a months-long coronavirus-led lockdown, with Primark owner pushing ahead to restart business at all of its England shops on June 15.
Associated British Foods, owner of the fashion retailer, rose 3.1%, while the wider retailer index added 1.0%. The blue-chip FTSE 100 jumped 1.3%.
The domestically focussed mid-cap index was also up 1.1%, building on a strong two-month rally that has been powered by hopes the UK economy would rebound from a looming coronavirus-fuelled global recession.
AstraZeneca Plc rose 1.9% and was the biggest boost to the FTSE 100 after its and U.S. drugmaker Merck & Co Inc’s blockbuster cancer drug received a positive recommendation from the European Medicines Agency (EMA) as a maintenance treatment for a form of pancreatic cancer.
But Ted Baker slumped 23.7%. The fashion brand said it would raise 95 million pounds ($117.84 million) through a stock issue to help it ride out the coronavirus crisis, after reporting a loss of 79.9 million pounds for the year to January.
(Photos syndicated via Reuters)