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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 +0.50%  rose 0.3% to 7430.20, helped by gains by HSBC Holdings /zigman2/quotes/203901799/delayed UK:HSBA +0.93% , which rose 1.2%; oil giant BP /zigman2/quotes/202286639/delayed UK:BP +2.67% , which rose 1.6%; and miner BHP Group /zigman2/quotes/203323256/delayed UK:BHP +0.14% , 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 +1.38%  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 +9.42% 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
7,170.08
+36.02 +0.50%
Volume: 274,793
June 14, 2021 4:03p
loading...
/zigman2/quotes/203901799/delayed
UK : U.K.: London
441.00 p
+4.05 +0.93%
Volume: 4.27M
June 14, 2021 4:03p
P/E Ratio
20.11
Dividend Yield
2.41%
Market Cap
£89.25 billion
Rev. per Employee
£257,711
loading...
/zigman2/quotes/202286639/delayed
UK : U.K.: London
332.95 p
+8.65 +2.67%
Volume: 20.50M
June 14, 2021 4:03p
P/E Ratio
N/A
Dividend Yield
4.48%
Market Cap
£65.38 billion
Rev. per Employee
£2.21M
loading...
/zigman2/quotes/203323256/delayed
UK : U.K.: London
2,166.00 p
+3.00 +0.14%
Volume: 982,715
June 14, 2021 4:03p
P/E Ratio
20.25
Dividend Yield
5.31%
Market Cap
£124.30 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202315343/delayed
UK : U.K.: London
278.80 p
+3.80 +1.38%
Volume: 177,789
June 14, 2021 4:03p
P/E Ratio
13.38
Dividend Yield
6.13%
Market Cap
£1.50 billion
Rev. per Employee
£816,667
loading...
/zigman2/quotes/205079109/delayed
UK : U.K.: London
65.30 p
+5.62 +9.42%
Volume: 20.44M
June 14, 2021 4:02p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£851.80 million
Rev. per Employee
£1.94M
loading...

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

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