BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - U.K. stocks rallied on Monday as Italy followed several other European countries in announcing that it will begin to phase out current coronavirus lockdown measures.
Closer home, Prime Minister Boris Johnson has called on Britons to contain their impatience as the lockdown drags on.
' I refuse to throw away all the effort and the sacrifice of the U.K. people and risk a second major outbreak and huge loss of life and the overwhelming of the NHS,' said Johnson.
The benchmark FTSE 100 was up 100 points, or 1.74 percent, at 5,852 after declining 1.3 percent on Friday.
Industrial equipment rental company Ashtead Group soared 7 percent. In its Covid-19 trading update, the company said it was trading in line with expectations in the beginning of March, and this continued through the second week of March with limited impact from the consequences of the virus pandemic.
InterContinental Hotels Group (IHG) advanced 4.4 percent. The multinational hospitality company said it has secured new financing arrangements, which includes amending its syndicated revolving credit facility to include a waiver of existing covenants until 31 December 2021.
Also, the Bank of England confirmed IHG as an eligible issuer for the U.K. Government's CCFF, and IHG has issued 600 million pounds in commercial paper under this facility.
Redrow rose 1.3 percent. The housebuilder said that it intends to commence mobilizing sites week commencing 11th May, with a phased return to construction on 18th May, subject to conditions.
Energy giant BP Plc. gained over 1 percent after confirming its plan to complete the sale of its Alaska business to Hilcorp in June 2020.
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