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Feb. 17, 2020, 7:24 a.m. EST

U.K. stocks boosted by China stimulus efforts

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By Steve Goldstein, MarketWatch


Associated Press
Masked workers assemble wiring for an automobile at a factory in Qingdao, China

British stocks edged higher on Monday, with companies sensitive to Chinese demand getting a boost from the country’s efforts to limit the economic fallout from the deadly coronavirus.

The FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.31%  rose 0.3% to 7430.20, helped by gains by HSBC Holdings /zigman2/quotes/203901799/delayed UK:HSBA +1.67% , which rose 1.2%; oil giant BP /zigman2/quotes/202286639/delayed UK:BP +2.84% , which rose 1.6%; and miner BHP Group /zigman2/quotes/203323256/delayed UK:BHP +1.13% , which rose 1.5%.

China took another step to boost its economy, with the People’s Bank of China cutting its one-year lending rate, as the finance minister said the country is planning targeted tax cuts.

Trading was light, with U.S. markets closed for the Presidents Day holiday.

Jupiter Fund Management /zigman2/quotes/202315343/delayed UK:JUP +0.09%  climbed nearly 4% after reaching a deal to buy another fund management group which has had declining outflows. It will acquire Merian Global Investors for £370 million in stock as well as another potential £20 million depending on performance. Merian managed £22.4 billion as of Dec. 31, generating management fees of £140 million per year. Jupiter said the deal will add to earnings by a low to mid-teen percentage from 2021.

Tullow Oil /zigman2/quotes/205079109/delayed UK:TLW +2.79% slumped 4% after announcing it was abandoning a well offshore of Peru. Tullow said it was still positive about Peru’s wider offshore potential.

/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,050.59
+18.41 +0.31%
Volume: 545,842
Aug. 10, 2020 4:59p
loading...
/zigman2/quotes/203901799/delayed
UK : U.K.: London
331.00 p
+5.45 +1.67%
Volume: 19.64M
Aug. 10, 2020 4:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£66.30 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202286639/delayed
UK : U.K.: London
295.40 p
+8.15 +2.84%
Volume: 26.98M
Aug. 10, 2020 4:35p
P/E Ratio
N/A
Dividend Yield
10.89%
Market Cap
£57.74 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203323256/delayed
UK : U.K.: London
1,784.00 p
+20.00 +1.13%
Volume: 2.63M
Aug. 10, 2020 4:35p
P/E Ratio
12.26
Dividend Yield
6.32%
Market Cap
£100.90 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202315343/delayed
UK : U.K.: London
217.40 p
+0.20 +0.09%
Volume: 1.19M
Aug. 10, 2020 4:35p
P/E Ratio
11.80
Dividend Yield
7.87%
Market Cap
£1.18 billion
Rev. per Employee
£919,270
loading...
/zigman2/quotes/205079109/delayed
UK : U.K.: London
26.19 p
+0.71 +2.79%
Volume: 8.60M
Aug. 10, 2020 4:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£359.63 million
Rev. per Employee
N/A
loading...

Steve Goldstein is MarketWatch markets editor for Europe. Follow him on Twitter: @MKTWgoldstein.

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