(Finance) – Britain’s stock markets jumped on Friday as investors cheered plans for gradual restarting of the U.S. economy and encouraging data on possible treatment for the COVID-19 disease.
The commodity-heavy FTSE 100 index rose 2.7% by 0709 GMT, led by world’s top iron ore miner Rio Tinto Ltd, which jumped 4.5%, after posting higher-than-expected quarterly production.
The wider mining index gained 4.1%, with peers Anglo American and Glencore adding more than 4.5%.
The domestically focused midcap index rose 3.2%. However, both the indexes are on track to post weekly losses as UK extended its lockdown for another three weeks to prevent the spread of the pandemic, which has claimed 13,729 lives as of Wednesday.
Investors appeared to lean towards news that U.S. drugmaker Gilead Science’s antiviral medicine showed rapid recoveries in severe COVID-19 patients with fever and respiratory symptoms, as per early data.
The United States joined other countries in planning lockdown exit measures with a staggered, three-stage approach following weeks-long lockdown that has disrupted economic activity.
Primark owner Associated British Foods rose 4.8% after saying it is eligible to access funding under the UK government’s Covid Corporate Financing Facility to help it through the coronavirus crisis.
(Photos syndicated via Reuters)
