ZCZC
BCN-07
VIRUS-BRITAIN-MARKETS-OPEN
London stocks jump 3.0% despite PM Johnson in ICU
LONDON, April 7, 2020 (BSS/AFP) – The London stock market rallied 3.0 percent in opening deals on Tuesday, despite news that British Prime Minister Boris Johnson was battling the coronavirus in an intensive care unit (ICU).
Johnson, who spent the night in intensive care with a deteriorating case of coronavirus, has been given oxygen but is not on a ventilator, senior cabinet minister Michael Gove said.
At the open, London’s benchmark FTSE 100 of major UK companies jumped 3.0 percent to 5,571.09 points, amid Europe-wide gains as some of the world’s worst-hit countries reported falling COVID-19 death rates.
In the eurozone, Frankfurt’s DAX won 3.7 percent to 10,445.50 points and the Paris CAC 40 leapt 3.2 percent to 4,485.32 compared with Monday’s closing levels.
“The coronavirus crisis has taken a dramatic turn in the UK,” said AvaTrade analyst Naeem Aslam.
“Boris Johnson, the prime minister, is in intensive care. He was hospitalised on Sunday after spending nearly 10 days in quarantine.
“Johnson is struggling to shake-off COVID-19 and his government is in a panic mode to contain the current crisis.
“However, when it comes to markets, traders have decided not to overreact to the current leadership situation because sterling is still holding … its ground against the dollar.”
BSS/AFP/MMA/1340HRS