Latest News

UK News

Click Here to read UK News

Forex News

Click Here to read Forex News

Market News

Click Here to read Market News

Irish News
/fxcentre/i-want-to/read-news
UPDATE 2-Homebuilders, miners spur bounce-back in British stocks
Published at 01/03/2021 at 17:15

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

* UK to roll out more economic aid

* Entain jumps after offer raised for Enlabs AB

* Reach Plc falls as annual profit drops

* FTSE 100 up 1.6%, FTSE 250 adds 1.5%

(Updates to close)

By Shivani Kumaresan and Amal S

March 1 (Reuters) - British shares rose on Monday, led by homebuilders and miners on reports of more domestic fiscal support, while relative stability in bond yields also helped stocks recover from last week's losses.

The blue-chip FTSE 100 index ended up 1.6%, its best session in two weeks, with homebuilders Persimmon Plc , and Taylor Wimpey plc among the top gainers after a media report that British finance minister Rishi Sunak was expected to announce a mortgage guarantee program as part of the budget.

"A mortgage guarantee scheme for first-time buyers would be a better, more targeted policy than the blanket stamp duty holiday, to give a helping hand to those who otherwise might not be able to get on the housing ladder," said Laith Khalaf, financial analyst at AJ Bell.

British Airways-owner IAG led gains in the FTSE 100 as optimism over a 2021 recovery in the travel sector spurred a slew of price target hikes.

The FTSE 100 fell 2.1% last week, snapping three consecutive weeks of gains as expectations of a spike in inflation and rising bond yields rattled sentiment.

But hopes of an economic recovery this year were pushed to the forefront as Sunak geared up to announce more borrowing on top of almost 300 billion pounds ($418 billion) of COVID-19 spending and tax cuts as part of his annual budget statement on Wednesday.

British Prime Minister Boris Johnson also said the country's economy could recover more strongly after the coronavirus pandemic than some "pessimists" had predicted.

The domestically focused mid-cap FTSE 250 index rose 1.5%, even as British manufacturers reported their slowest output growth since May last month due to supply-chain disruptions and rising costs linked to Brexit and COVID-19.

Ladbrokes owner Entain rose 2.3% as it raised its offer for rival sports betting firm Enlabs AB , valuing the Sweden-based company at about 3.7 billion crowns ($440.16 million).

Reach , publisher of Britain's Daily Mirror and Daily Express, fell 8.6%, after reporting a 12.8% drop in annual profit.

(Reporting by Shivani Kumaresan and Amal S in Bengaluru; Editing by Subhranshu Sahu and Paul Simao)

((Shivani.Kumaresan@thomsonreuters.com; +1 646 223 8780;))

(( For related prices, Reuters users may click on - *

UK stock report

FTSE index:

techMARK 100 index: FTSE futures:

Gilt futures: Smallcap index:

FTSE 250 index: FTSE 350 index:

Market digest: Top 10 by vol:

Top price gainers: Top % gainers:

Top price losers: Top % losers:

* For related news, click on - *

UK hot stocks: and Wall Street:

Gilts report: Euro bond report

Pan European stock report:

Tokyo stocks: HK stocks:

Sterling report: Dollar report:

* For company prices, click on - *

Company directory: By sector:

* For pan-European market data, click on - *

European Equities speed guide................

FTSE Eurotop 300 index...........................

DJ STOXX index...................................

Top 10 STOXX sectors........................

Top 10 EUROSTOXX sectors...................

Top 10 Eurotop 300 sectors..................

Top 25 European pct gainers....................

Top 25 European pct losers..................... ))