FTSE 100 Rises On Global Growth Optimism

U.K. stocks advanced on Wednesday, with a weaker pound and gains in oil and iron ore prices on the prospects for stronger global growth helping underpin sentiment.

Adding to investor optimism over economic recovery, the IHS Markit/CIPS composite Purchasing Managers’ Index – measuring Britain’s huge services sector and its manufacturers – rose to 56.4 in March from 49.6 in February.

The benchmark FTSE 100 climbed 57 points, or 0.8 percent, to 6,880 after rallying 1.3 percent on Tuesday.

AstraZeneca shares were down about 0.6 percent. The University of Oxford announced that it is halting the trial of the Covid vaccine developed by the company on children and teenagers.

Croda International was marginally higher. The chemicals company announced that its fragrances and flavors subsidiary, Iberchem, has agreed to acquire Parfex S.A., a French fine fragrance business, for a total enterprise value of 45 million euros.

Discount carrier Ryanair Holdings gained nearly 1 percent after trimming its annual loss estimate.

Royal Dutch Shell rose half a percent. The oil & gas company said it expects to make the first profit from pumping oil since the start of the pandemic.