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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 -1.20%  rose 0.3% to 7430.20, helped by gains by HSBC Holdings /zigman2/quotes/203901799/delayed UK:HSBA -0.96% , which rose 1.2%; oil giant BP /zigman2/quotes/202286639/delayed UK:BP -1.77% , which rose 1.6%; and miner BHP Group /zigman2/quotes/203323256/delayed UK:BHP -3.16% , 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 -1.09%  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 -1.04% 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
7,494.13
-90.88 -1.20%
Volume: 734,087
Jan. 21, 2022 4:56p
loading...
/zigman2/quotes/203901799/delayed
UK : U.K.: London
505.40 p
-4.90 -0.96%
Volume: 24.21M
Jan. 21, 2022 4:35p
P/E Ratio
12.58
Dividend Yield
3.19%
Market Cap
£103.55 billion
Rev. per Employee
£182,459
loading...
/zigman2/quotes/202286639/delayed
UK : U.K.: London
382.25 p
-6.90 -1.77%
Volume: 57.17M
Jan. 21, 2022 4:35p
P/E Ratio
16.31
Dividend Yield
2.98%
Market Cap
£76.34 billion
Rev. per Employee
£1.75M
loading...
/zigman2/quotes/203323256/delayed
UK : U.K.: London
2,423.50 p
-79.00 -3.16%
Volume: 20.06M
Jan. 21, 2022 4:35p
P/E Ratio
14.77
Dividend Yield
8.97%
Market Cap
£128.27 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202315343/delayed
UK : U.K.: London
235.00 p
-2.60 -1.09%
Volume: 1.12M
Jan. 21, 2022 4:35p
P/E Ratio
10.23
Dividend Yield
7.28%
Market Cap
£1.29 billion
Rev. per Employee
£939,159
loading...
/zigman2/quotes/205079109/delayed
UK : U.K.: London
59.00 p
-0.62 -1.04%
Volume: 9.20M
Jan. 21, 2022 4:39p
P/E Ratio
5.79
Dividend Yield
0.00%
Market Cap
£853.76 million
Rev. per Employee
£2.18M
loading...

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

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