The commodity-heavy FTSE 100 snapped a three-day losing streak with a 1.7 per cent gain. — Reuters pic
Brent crude futures soared to more than US$30 per barrel on hopes of a recovery in vehicle traffic and fuel demand, sparking a more than 5 per cent gain in shares of BP and Royal Dutch Shell.The domestically focused midcap stocks lagged with a 0.9 per cent rise as the latest services sector activity data pointed to a 7 per cent quarterly fall in Britain's gross domestic product.
“As the UK reveals plans to exit lockdown and as other countries already begin to relax measures, attention is turning once again to a rebound in economic activity, with oil prices also bouncing,” said AJ Bell investment director Russ Mould. Figures earlier yesterday showed British new car sales slumped by an annual 97 per cent in April as factories shut because of the coronavirus outbreak. The United Kingdom has the highest official death toll from the coronavirus in Europe, overtaking Italy.
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