FTSE 100 inches higher yet closes in on worst quarter since 1987

FTSE 100 inches higher yet closes in on worst quarter since 1987

31 Mar 2020 03:17 PM
 

UK shares rose on Tuesday as a recovery in oil prices and a surprise expansion in Chinese factory activity revived confidence in equity markets amid a deep selloff this month that set the FTSE 100 on course for its worst quarter since 1987.

The index rose 2.1%, with turnaround specialist Melrose Industries surging 19% after it secured a debt covenant waiver and said it was cutting expenses in an effort to ride out the coronavirus crisis.

The FTSE 100 has recovered about 15% since hitting a near nine-year low on March 16, but remains nearly 25% below its January record high as entire countries enforced stay-at-home orders due to the outbreak, halting business activity.