British stocks power ahead as China central bank steps in to soothe markets

• Hong Kong reported its first death from the virus, the second outside mainland China from the epidemic that has killed more than 420 people.
• The FTSE 100 soared 1.4pc. Top gainers on the index included BP Plc, which rose 3.1pc after hiking its dividend.

UK shares surged more than 1pc on Tuesday, tracking Asian stock markets, as investors took heart from efforts by China's central bank to shore up the economy, while continuing to assess the potential fallout from the coronavirus outbreak.

Hong Kong reported its first death from the virus, the second outside mainland China from the epidemic that has killed more than 420 people. Yet, global markets are staging a comeback, following a sell-off last week.

The FTSE 100 soared 1.4pc. Top gainers on the index included BP Plc, which rose 3.1pc after hiking its dividend, and plumbing parts distributor Ferguson Plc, which gained 4.3pc as it mulls over listing its shares in the U.S.

The FTSE 250 added 1.1pc, though IT firm Micro Focus International Plc slid 12pc after it reported lower annual revenue and profit and said its executive chairman would stand down.