Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Investing

Weaker pound, retail stocks boosts FTSE 100; Mid-caps end best day in two-weeks;

FTSE 100 rises on miners, industrials boost; Rentokil Initial slumps

By Devik Jain and Shashank Nayar

(Reuters) -Britain’s FTSE 100 ended higher on Thursday on higher retail stocks as last week saw a jump in footfalls and a weaker pound, while mid-caps rose to their best day in two weeks led by gains in construction company Morgan Sindall.

The blue-chip FTSE 100 ended 0.6% higher, with retailers gaining nearly 2% as shoppers rushed rushed back to clothes and furniture stores last week when they reopened after three months of COVID lockdown restrictions.

The pound fell 0.6%, erasing the week’s gains against the dollar, as investors weighed up the outlook for an economic recovery in Britain.

The domestically-focussed mid-cap index gained 1.3%, with construction company Morgan Sindall up 19.6% as brokerages raised their price targets on the stock after it raised its annual outlook.

“The markets are optimistic about the economic rebound process as the vaccination drive gathers more ground and there remains significant upside as there is still a large area until we get back to pre-COVID levels,” said Michael Baker, an analyst at ETX Capital.

The FTSE 100 has gained ~7% year-to-date on optimism that speedy COVID-19 vaccinations and constant policy support from the government would drive a stronger economic recovery, however it has largely underperformed its European peers.

British manufacturers’ hopes for an economic rebound to their strongest in 48 years this month as the country began to recover from the slump caused by the COVID-19 pandemic, the Confederation of British Industry said, further aiding sentiment..

Among other stocks, Russia’s Polymetal International added 2.1% after its first-quarter production grew 3%.

Britain’s Metro Bank gained 0.6% on aims to expand its consumer finance lending tenfold to 2 billion pounds ($2.78 billion), a source familiar with the plan told Reuters, as it seeks to reverse a sharp downturn in its fortunes in the last two years.

(Reporting by Devik Jain in Bengaluru; Editing by Uttaresh.V, Shounak Dasgupta and Angus MacSwan)

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post