UK midcaps hit 11-week high on reopening optimism

  • Reuters
  • Stock Market News
UK midcaps hit 11-week high on reopening optimism
Credit: © Reuters.

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* FTSE 100 up 0.5%, FTSE 250 jumps 1.2%

May 27 (Reuters) - British midcaps hit an 11-week high on Wednesday as hopes of an economic recovery with the easing of coronavirus lockdowns offset concerns about growing political unrest in Hong Kong over Beijing's proposed national security laws.

The domestically focussed FTSE 250 .FTMC gained 1.2%, rising for an eighth straight session as thousands of retailers prepared to reopen from June 1 from a months-long shutdown that has crushed the UK economy.

The blue-chip FTSE 100 .FTSE added 0.5%, with financials, energy and industrial stocks providing the biggest boosts in early trading.

Doorstep lender Provident Financial Plc PFG.L jumped 5.5% as it flagged signs of a modest recovery in May after tighter underwriting rules led to a drop in business volumes in April. manager St James 's Place SJP.L rose 3.2% and was among the biggest gainers on the FTSE 100 after reporting a modest 1% gain in April net inflows.

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