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Markets

Recovery hopes power UK stocks; easyJet jumps

Low-cost airline easyJet Plc rose 4.3pc to the top of the FTSE 100 as it said it would cut up to 30pc of its staff
28 May 2020
  • Low-cost airline easyJet Plc rose 4.3pc to the top of the FTSE 100 as it said it would cut up to 30pc of its staff and shrink its fleet.
  • The blue-chip FTSE 100 climbed another 0.8pc after ending Wednesday at an 11-week high, with health care and financial firms among the top boosts to the index.

UK shares rose on Thursday after early signs of a pickup in business sentiment fuelled hopes of a post-coronavirus economic rebound, while easyJet jumped on a plan to cut staff following a collapse in global air travel.

Low-cost airline easyJet Plc rose 4.3pc to the top of the FTSE 100 as it said it would cut up to 30pc of its staff and shrink its fleet.

The blue-chip FTSE 100 climbed another 0.8pc after ending Wednesday at an 11-week high, with health care and financial firms among the top boosts to the index.

The mid-cap FTSE 250 added 1.1pc, extending gains for the ninth session in a row, as a survey showed British employers turned a bit less pessimistic about hiring and investment this month following moves to reopen the economy.

Cinema operator Cineworld Group Plc soared 16pc as it secured an additional $110 million from lenders and a waiver on loan covenants as the company looks to reopen all its cinemas in July.