FTSE 100 down 0.3%, FTSE 250 up 0.5%
London, British mid-cap stocks gained ground on Tuesday in the final hour of trading as renewed hopes of a Brexit trade agreement overshadowed concerns over a weak labor market report and concerns over new restrictions in London, Reuters reported.
The domestically focused FTSE 250 index recouped early losses to end about 0.5% higher as a BBC journalist tweeted Britain and the European Union are heading towards a trade deal that will satisfy Brexit supporters.
A sharp rise in the sterling helped the blue-chip FTSE 100 index pare its losses to about 0.3% with consumer staples weighing the most.
The FTSE 100 has lost 13.6% in value so far this year, which is shaping up to be its worst since the global financial crisis in 2008-09, as pandemic-driven lockdowns battered the economy and led to mass layoffs.
The UK’s economy is most likely to regain its pre-pandemic high ground only in 2022, Carrier added.
An official report on Tuesday showed Britain’s jobless rate rose again in the three months to October and redundancies reached a record high.
The job market outlook darkened further as tougher curbs were imposed in London due to increased infection rates that may be partly linked to a new variant of the coronavirus.
Among individual moves, Chemring jumped to an eight-year high after the defense contractor said its 2020 results were ahead of its expectations.
JD Sports, Britain’s biggest sportswear retailer, bought retailer Shoe Palace for $325 million in a move that would expand its footprint on the U.S. West Coast. However, its shares ended 0.9% lower after more than doubling in value this year.
Source: Saudi Press Agency