London stocks rise on optimism over swift economic recovery

  • Reuters
  • Stock Market News
London stocks rise on optimism over swift economic recovery
Credit: © Reuters.

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* Both FTSE 100 and FTSE 250 up 0.3%

April 1 (Reuters) - British shares tracked gains in Asian peers on Thursday, lifted by hopes of a swifter economic rebound this year, while Quilter rose after agreeing to sell its international business to Utmost Group.

The blue-chip FTSE 100 index .FTSE rose 0.3%, with industrials and consumer discretionary stocks, mainly BAE Systems Plc BAES.L , Relx Plc REL.L , Next Plc NXT.L and Compass group Plc, being the biggest gainers.

Mining stocks, including Rio Tinto RIO.L , Anglo American (JO: AMSJ ) AAL.L and BHP BHPB.L , were also among the biggest boosts on the index.

Global equities crept higher on hopes of a stronger U.S. economy, as investors parsed details of a $2 trillion U.S. government spending plan and hoped for strong jobs data later in the week. MKTS/GLOB

The domestically focused mid-cap FTSE 250 index .FTMC climbed 0.3%, led by industrials and real estate stocks.

Quilter QLT.L rose 2.0%, after it agreed to sell its international business to specialist life assurance company Utmost Group for 483 million pounds ($664.37 million), as it sharpens its focus on its UK wealth management unit. retailer Next NXT.L rose 4.2%, even after it reported a halving in annual pretax profit after COVID-19 lockdowns closed its stores but raised its forecast for a big rebound this year.

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