London stocks jump as reopenings spur recovery hopes

  • Reuters
  • Stock Market News
London stocks jump as reopenings spur recovery hopes
Credit: © Reuters.

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* FTSE 100 up 2.1%, FTSE 250 adds 1.8%

May 18 (Reuters) - London's FTSE 100 surged more than 2% on Monday as investors bet on a faster economic recovery from a looming coronavirus-driven recession with several hard-hit countries easing lockdowns, while a jump in oil prices boosted energy stocks.

The FTSE 100 .FTSE was up 2.1% at 0703 GMT after ending Friday with its first weekly slide in three. BP Plc BP.L and Royal Dutch Shell Plc RDSa.L gained 3.6% and 3.7%, respectively, as signs of higher demand drove oil prices to a one-month high. O/R

The blue-chip index has underperformed its European peers this year, sliding 21% versus a more than 19% decline for the STOXX 600 .STOXX amid forecasts the nationwide shutdown could have wiped more than 30% off UK output last month. metals miner Hochschild Mining Plc HOCM.L said on Monday it would restart production at its Inmaculada and Pallancata mines in Peru, targeting full output from these locations in the coming weeks. company's shares jumped 5.1%, while the mining index .FTNMX1770 added 3.7%. The wider FTSE 250 .FTMC rose 1.8%.

However, mall operator Intu Properties Plc INTUP.L slumped 19% after warning it would likely breach its debt commitments at the end of June due to falling rental payments.

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