FSTE 100 bounces 3 PERCENT on opening after worst day since Black Monday
The index appeared to recover after oil prices stabilised and financial measures were put in place around the world to cope with the coronavirus outbreak. The bounce did come down slightly in the minutes after opening. By 9.15 am the FTSE 100 was up 142.25 at 5379.73.
Helping the increase on the London Stock Exchange BP Plc and Royal Dutch Shell Plc rose between six percent and seven percent, tracking higher oil prices.
Miners Rio Tinto, BHP group and Anglo American jumped more than 11 percent and were the biggest gainers on the main index.
Central banks from the US to Australia pumped liquidity into their financial systems and hopes of a US stimulus package helped the mood on Friday even as the virus outbreak infected almost 135,000 and killed more than 4,900 worldwide.
On Thursday the FTSE 100 lost 10 percent of its value in one of the worst single-day falls since 1987.
The blue-chip FTSE 100 – which lists the 100 largest companies on the London Stock exchange – closed down 10.9 percent.
In the US, the Dow and S&P 500 were also hit by their worst day in 33 years.
(Additional reporting by Helen Barnett)
Published at Fri, 13 Mar 2020 08:53:00 +0000