Did the UK Markets’ rise after the US House passed the Covid-19 stimulus package? UK Market Updates

UK Market News: The London markets traded in the green zone due to positive investor confidence regarding the US stimulus package and vaccine-led economic recovery. FTSE 100 traded higher by around 1.39%, primarily driven by homebuilders and mining stocks. The UK Manufacturing Purchasing Managers’ index was said to be 55.1 during February 2021 as compared to 54.1 during January 2021.

FTSE 100 listed Persimmon and Taylor Wimpey surged by around 4.98% and nearly 4.85%, respectively, driven by a media report that Rishi Sunak would announce a mortgage guarantee scheme along with the budget announcement on 03 March 2021.

Covid-19 vaccine provider AstraZeneca went up by approximately 0.72% after media reports that the Company had sold its stake in Moderna for more than USD 1.0 billion.

Gaming firm, Entain had raised the offer for Sweden-based Enlabs to approximately USD 438.50 million. Moreover, the shares rose by about 1.31%.

Distribution Group Bunzl shares jumped by around 0.31% after demonstrating a significant rise in FY20 profit and robust dividend growth.

Media Company Reach reported a 12.8% decline in the annual profit. Subsequently, the shares dropped by approximately 6.71%.

*At the time of writing

 


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