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Dec. 21, 2021, 11:15 a.m. EST

Resource stocks lead the gains in London, while some hospitality names gain on prospects of COVID aid

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By Barbara Kollmeyer

London stocks rebounded from what was the worst session since the emergence of the omicron variant last month, driven by gains for resource stocks and some help from hospitality names after the U.K. government announced an aid plan.

The FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.21% rose 1% to 7,276, following a near 1% drop on Monday, which was in step with a global market selloff. The pound /zigman2/quotes/210561263/realtime/sampled GBPUSD -0.0322% rose 0.1% against the dollar at $1.3235.

Shares of Wagamama owner The Restaurant Group /zigman2/quotes/207518837/delayed UK:RTN +0.82% surged 5%, while pub chain J D Wetherspoon /zigman2/quotes/209658419/delayed UK:JDW -0.53% climbed 2.9%, while brewer Mitchells & Butlers /zigman2/quotes/209008939/delayed UK:MAB -0.24% rose 2%.

Read: European gas futures surge at least 15% as Russia blamed for withholding gas deliveries

Those gains came after the U.K. offered grants worth 1 billion pounds ($1.3 billion) to help the hospitality industry confront the omicron variant of COVID-19. Local governments will get an extra 100 million pounds to support businesses.

While COVID-19 cases in the U.K. and elsewhere, markets were driven by some optimism after the administration of President Joe Biden announced measures to combat the virus, such as 500 million free rapid tests to be distributed to Americans.

Resource stocks rose on a reversal of Monday’s losses, with a 2% gain in U.S. /zigman2/quotes/209723049/delayed CL00 +0.27% and Brent oil prices driving up energy names, such as heavily weighted BP /zigman2/quotes/207305210/composite BP +2.87% /zigman2/quotes/202286639/delayed UK:BP +2.00% and Royal Dutch Shell by more than 2% each.

Mining stocks also helped prop up the main index, with shares of Glencore /zigman2/quotes/201400686/delayed UK:GLEN -1.61% and Rio Tinto /zigman2/quotes/202627887/composite RIO +0.65% /zigman2/quotes/208934945/delayed UK:RIO +0.65% up more than 3% each.

/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,761.11
+16.24 +0.21%
Volume: 623,700
Jan. 26, 2023 4:54p
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/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.2406
-0.0004 -0.0322%
Volume: 0.0000
Jan. 26, 2023 8:26p
loading...
/zigman2/quotes/207518837/delayed
UK : U.K.: London
36.80 p
+0.30 +0.82%
Volume: 2.77M
Jan. 26, 2023 4:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£279.03 million
Rev. per Employee
£51,964
loading...
/zigman2/quotes/209658419/delayed
UK : U.K.: London
447.00 p
-2.40 -0.53%
Volume: 383,394
Jan. 26, 2023 4:35p
P/E Ratio
29.43
Dividend Yield
0.00%
Market Cap
£570.33 million
Rev. per Employee
£41,315
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/zigman2/quotes/209008939/delayed
UK : U.K.: London
163.00 p
-0.40 -0.24%
Volume: 431,620
Jan. 26, 2023 4:35p
P/E Ratio
74.77
Dividend Yield
N/A
Market Cap
£971.77 million
Rev. per Employee
£50,930
loading...
/zigman2/quotes/209723049/delayed
US : U.S.: Nymex
$ 81.23
+0.22 +0.27%
Volume: 2,168
Jan. 26, 2023 8:16p
loading...
/zigman2/quotes/207305210/composite
US : U.S.: NYSE
$ 36.25
+1.01 +2.87%
Volume: 12.18M
Jan. 26, 2023 4:00p
P/E Ratio
N/A
Dividend Yield
3.74%
Market Cap
$105.70 billion
Rev. per Employee
$3.38M
loading...
/zigman2/quotes/202286639/delayed
UK : U.K.: London
484.20 p
+9.50 +2.00%
Volume: 23.27M
Jan. 26, 2023 4:35p
P/E Ratio
N/A
Dividend Yield
4.01%
Market Cap
£85.52 billion
Rev. per Employee
£2.66M
loading...
/zigman2/quotes/201400686/delayed
UK : U.K.: London
549.50 p
-9.00 -1.61%
Volume: 33.00M
Jan. 26, 2023 4:35p
P/E Ratio
6.04
Dividend Yield
3.83%
Market Cap
£71.14 billion
Rev. per Employee
£1.36M
loading...
/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 80.40
+0.52 +0.65%
Volume: 2.91M
Jan. 26, 2023 4:00p
P/E Ratio
7.37
Dividend Yield
8.50%
Market Cap
$131.01 billion
Rev. per Employee
$1.23M
loading...
/zigman2/quotes/208934945/delayed
UK : U.K.: London
6,377.00 p
+41.00 +0.65%
Volume: 1.31M
Jan. 26, 2023 4:35p
P/E Ratio
7.80
Dividend Yield
8.29%
Market Cap
£106.00 billion
Rev. per Employee
£917,806
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