Risers And Fallers
US President Donald Trump triggered a sharp rally in crude oil futures on Thursday after doubling-down on his optimism regarding a detente between Russia and Saudi in their oil price war.
Crude oil futures rallied amid hopes for a Russia-Saudi detente in their oil price war, helping to keep losses on London's second-tier index in check.
Britain's second-tier index incurred hefty losses, retreating by 3. 87% to 14,516. 34.
London's FTSE 100 was down 3. 16% to 5,493 as of 1601 GMT, mimicking falls across the Continent and over on the other side of the Pond.
The second-tier index advanced 3. 26% to 15,101. 13.
London’s FTSE 100 was up 0. 4% at 5,583. 85 in afternoon trade on Tuesday, well off earlier highs.
Hammerson cratered after the shopping centre owner pulled its final dividend and guidance as government lockdowns forced many of its tenants to shutter their stores, leaving the company with a nearly two-thirds decline in quarterly rents.
Defensives lent their weight to Monday's move to the upside, even as investor sentiment was buoyed by Wall Street's ability seeming ability to avoid its now customary stumble at the start of the week.
Aston Martin Lagonda was one of the top performers on the second-tier index as investors moved to snap up some bargains and after the luxury sports car maker announced the closure of its UK factories for four weeks in the wake of the Covid-19 pandemic.
Shares in air travel-related and insurance companies paced gains on the top-flight index as it extended the previous day's bear market rally amid bargain hunting.
Shares of oil majors BP and Royal Dutch Shell powered Tuesday's bear market rally on the Footsie, alongside big advances for insurers and some beaten down travel stocks.
Commodity and travel related stocks fared best as news of an imminent ramp-up in fiscal stimulus on both sides of the Atlantic enticed some investors to wade back into stocks.
Precious metals miners Hochschild Mining and Petropavlovsk were both wanted at the start of the week, as the US central bank in effect shifted to a policy of unlimited asset purchases, as some analysts had correctly anticipated.
London’s FTSE 100 was down 4. 3% at 4,970. 42 in afternoon trade on Monday as the Federal Reserve’s coronavirus stimulus package failed to assuage investors.
Future paced the bounce on the second-tier index after telling shareholders it still expected to meet its targets for the first half, thanks to solid trading up to 31 March and the specialist media and publishing company's diversification.
Stocks were higher again at the end of the week, with some investors apparently eyeing a possible opportunity to wade into the market, although many also remained wary.
Travel-related issues paced gains on the top-flight index as central banks on both sides of the Atlantic, including the Bank of England, US Federal Reserve, and European Central Bank carried out simultaneous emergency actions to help smooth over the dislocations in financial markets.
Investors cheered Elementis's decision to scrap its dividend in response to the "significant demand and operating uncertainty" presented by the coronavirus pandemic.
Marks&Spencer was near the top of the leaderboard for the second-tier index on Wednesday after the government decided to scrap business rates for the remainder of the year.
Grocers topped gains on the top-flight index amid indications of very strong demand in its stores as Britons made preparations for the coming lockdown.