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London Stocks Gain after BoE Extends Stimulus Programme

Nov 5 Reuters London stocks rose on Thursday after the Bank of England extended a stimulus programme to cushion Britains struggling economy, as it goes into a second coronavirus lockdown. The bluechip FTSE 100 index added 0.6 with bank and homebuilding stocks among the biggest gainers, while the domestically focused midcap FTSE 250 gained 0.6.

The BoE raised the size of its already huge asset purchase programme by a further 150 billion pounds 195 billion and said it expects Britains economy to shrink by 11 in 2020, more severe than the 9.5 contraction it had forecast in August.

Finance minister Rishi Sunak is set to speak later in the day, with a report saying the government will extend its pandemic bailout schemes even after the lockdown ends on December 2.

Auto distributor Inchcape Plc jumped 5.5 after it reported a betterthanexpected third quarter and forecast its second half to be ahead of market view, helped by pentup demand for new and used cars.

Reporting by Devik Jain in Bengaluru; Editing by Shailesh Kuber

 

Source Reuters

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