FTSE 100 Rises As Virus Worries Ebb

U.K. stocks rose notably on Wednesday after the number of new coronavirus cases in China fell for a second day running.

Markets also remain hopeful that China will cut its benchmark loan prime rate Thursday to offset the economic damage caused by the coronavirus outbreak.

In economic releases, official data showed that consumer price inflation in the country rose an annual 1.8 percent in January, compared with 1.3 percent in December, boosted by higher petrol prices and a smaller-than-usual drop in airfares.

The benchmark FTSE 100 was up 55 points, or 0.75 percent, at 7.435 after declining 0.7 percent the previous day.

Miners were broadly higher on expectations of more policy stimulus from China. Anglo American, Antofagasta and Glencore all rose over 1 percent.

Berkeley Group Holdings climbed 3.1 percent, while Persimmon and Taylor Wimpey rose over 1 percent each.

Moneysupermarket.com Group fell 2.7 percent. The company announced that Mark Lewis plans to step down as Chief Executive.

RPS Group shares slumped as much as 13 percent. Profits at the energy and environmental consultancy firm tumbled 88 percent in 2019.

Hochschild Mining surged 6.5 percent after reporting a rise in full-year profit.

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