LONDON, April 1 — British shares tracked gains in Asian peers today, lifted by hopes of a swifter economic rebound this year, while Quilter rose after agreeing to sell its international business to Utmost Group.
The blue-chip FTSE 100 index rose 0.5 per cent, with industrials and bank stocks, mainly BAE Systems Plc, Relx Plc, Prudential Financial Inc and Barclays Plc, being the biggest gainers.
Mining stocks, including Rio Tinto, Anglo American and BHP, were also among the biggest boosts on the index.
“Despite the optimism surrounding the rollout of Covid-19 vaccines in a select group of countries, the virus continues to wreak havoc elsewhere,” Jeffrey Halley, senior market analyst, OANDA wrote in a note.
“The widening restrictions globally should be bullish for technology at the margins, but will most keenly be felt in energy markets.”
Global equities crept higher on hopes of a stronger US economy, as investors parsed details of a US$2 trillion (RM8.2 trillion) government spending plan and hoped for strong jobs data later in the week.
The FTSE 100 has risen 4.6 per cent so far this year, supported by speedy vaccine rollouts and a raft of economic stimulus. But a recent spike in virus cases across Europe has made investors cautious.
The domestically focused mid-cap FTSE 250 index climbed 0.7 per cent, led by industrials and consumer discretionary stocks.
Quilter rose 3.7 per cent, after it agreed to sell its international business to specialist life assurance company Utmost Group for £483 million (RM2.7 billion), as it sharpens its focus on its UK wealth management unit.
Fashion retailer Next rose 3.2 per cent, even after it reported a halving in annual pretax profit after lockdowns closed its stores but raised its forecast for a big rebound this year.
Investment company 3i Infrastructure slid 0.3 per cent, after it agreed to invest €182 million (RM884.1 million) for a 60 per cent stake in German telecommunications provider DNS:NET. — Reuters
