Muristek
People walk through the lobby of the London Stock Exchange in London August 25, 2015. — Reuters pic
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LONDON, March 8 — London’s FTSE 100 stock index recouped early losses to trade higher today, aided by gains in financial stocks, while insurer and asset manager M&G jumped on a £500-million (RM2.7 billion) buyback programme.
The blue-chip FTSE 100 rose 0.2 per cent, supported by a 2.0 per cent and 2.6 per cent jump in banks and insurers, respectively.
“The gains are largely led by the biggest losers of recent weeks, a point reinforced by the rise in 10-year bond yields today,” said Chris Bailey, strategist at Raymond James.
Ten-year yields on British bonds rose 1.4 per cent to a one-week high.
Energy stocks rose 0.4 per cent, a day after recording its best session since January 2021, supported by firmer crude prices. The rising oil prices stoked inflation fears and added to economic growth worries.
Russia’s invasion on Ukraine has triggered sweeping sanctions by the United States and other Western allies that aim to isolate the country.
President Joe Biden’s administration is willing to move ahead with a US ban on Russian oil imports even if European allies do not, Reuters reported today, citing people familiar with the matter.
The domestically focused mid-cap index gained 1.0 per cent, rebounding from the low levels in the prior session that were last seen in November 2020.
“It’s probably just a rebound on the basis of we haven’t seen another devastating headline in a brief period of time which is allowing some kind of a minor relief rally,” said Craig Erlam, a senior market analyst at Oanda.
Among individual stocks, M&G gained 12.5 per cent and was among the top gainers, after the insurer and asset manager said it would offer shareholders a £500 million (RM2.7 billion) buyback programme as capital generation beat targets.
Robert Walters rose 5.9 per cent after the recruitment firm reported its annual profit had more than quadrupled, benefiting from clients ramping up permanent hiring amid fierce competition for talent as economies reopen. — Reuters