Stimulus hopes boost FTSE 100 after worst day since 2008

  • Reuters
  • Stock Market News
Stimulus hopes boost FTSE 100 after worst day since 2008
Credit: © Reuters.

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* FTSE 100 up 1.4%, FTSE 250 up 1.1%

* Meggit top decliner on rating downgrade

March 10 (Reuters) - London's FTSE 100 bounced back on Tuesday from its worst session since the 2008 financial crisis, as investors bet on co-ordinated stimulus measures by major central banks to shield the global economy from the impact of the coronavirus outbreak.

The blue-chip FTSE 100 .FTSE was up 1.4%, after falling to its lowest level since 2016 on Monday as a crash in oil prices fanned fears of a sharp slowdown in global growth.

BP Plc BP.L and Royal Dutch Shell Plc RDSa.L tracked a rebound in oil prices after closing Monday with their worst session on record.

Investor attention in Britain will be on a budget speech by Finance Minister Rishi Sunak on Wednesday for clues on additional stimulus from the Bank of England. 26% jump for Premier Oil PMO.L helped the domestically focussed mid-cap index .FTMC add 1.1%.

Aerospace firm Meggit MGGT.L fell 1.2% to the bottom of the FTSE 100 after Berenberg downgraded it to "hold" and cut its price target.

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