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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 -0.13%  rose 0.3% to 7430.20, helped by gains by HSBC Holdings /zigman2/quotes/203901799/delayed UK:HSBA -0.90% , which rose 1.2%; oil giant BP /zigman2/quotes/202286639/delayed UK:BP -0.60% , which rose 1.6%; and miner BHP Group /zigman2/quotes/206213719/delayed UK:BHP +0.46% , 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 -2.75%  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 -1.95% 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
7,774.49
-10.38 -0.13%
Volume: 288,577
Jan. 31, 2023 4:03p
loading...
/zigman2/quotes/203901799/delayed
UK : U.K.: London
596.60 p
-5.40 -0.90%
Volume: 6.13M
Jan. 31, 2023 4:03p
P/E Ratio
12.72
Dividend Yield
3.66%
Market Cap
£120.21 billion
Rev. per Employee
£246,020
loading...
/zigman2/quotes/202286639/delayed
UK : U.K.: London
489.10 p
-2.95 -0.60%
Volume: 10.78M
Jan. 31, 2023 4:03p
P/E Ratio
N/A
Dividend Yield
3.97%
Market Cap
£88.62 billion
Rev. per Employee
£2.66M
loading...
/zigman2/quotes/206213719/delayed
UK : U.K.: London
2,831.50 p
+13.00 +0.46%
Volume: 918,513
Jan. 31, 2023 4:02p
P/E Ratio
8.35
Dividend Yield
N/A
Market Cap
£142.62 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202315343/delayed
UK : U.K.: London
141.50 p
-4.00 -2.75%
Volume: 769,545
Jan. 31, 2023 4:03p
P/E Ratio
6.71
Dividend Yield
12.08%
Market Cap
£778.10 million
Rev. per Employee
£904,223
loading...
/zigman2/quotes/205079109/delayed
UK : U.K.: London
36.18 p
-0.72 -1.95%
Volume: 5.49M
Jan. 31, 2023 4:03p
P/E Ratio
7.44
Dividend Yield
0.00%
Market Cap
£531.21 million
Rev. per Employee
£2.98M
loading...

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

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