Upbeat earnings lift London stocks, Hastings surges on buyout

Credit: REUTERS/Suzanne Plunkett

UK shares rose on Wednesday as a clutch of quarterly earnings reports signalled a rebound in consumer demand following the easing of coronavirus restrictions, while insurer Hastings surged after agreeing to a $2.2 billion buyout offer.

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FTSE 100 up 0.8%, FTSE 250 adds 0.5%

Aug 5 (Reuters) - UK shares rose on Wednesday as a clutch of quarterly earnings reports signalled a rebound in consumer demand following the easing of coronavirus restrictions, while insurer Hastings surged after agreeing to a $2.2 billion buyout offer.

The motor insurer HSTG.L jumped 17.5% to the top of the FTSE 250 after agreeing to be bought by Finland's Sampo SAMPO.HE and South Africa's Rand Merchant Investment (RMI) RMIJ.J.

The mid-cap FTSE 250 .FTMC was up 0.5%, also boosted by industrial, consumer discretionary and financial stocks.

The export-laden FTSE 100 .FTSE gained 0.8%, with investors also watching signs of progress in a U.S. fiscal relief bill. White House negotiators have vowed to work "around the clock" to reach a spending deal by the end of the week. MKTS/GLOB

Soft drinks bottler Coca Cola HBC CCH.L rose 4.7% as it said business had recovered from April lows.

Bookmaker William Hill WMH.L added 5.5% on reporting a better-than-expected first-half profit, while announcing 119 UK betting shops closed by coronavirus lockdowns would not reopen as it combines its online and retail British businesses.

(Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Saumyadeb Chakrabarty)

((Sagarika.Jaisinghani@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2256;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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