FTSE 100 edges upwards amid subdued trading

The FTSE 100 edged marginally higher on a subdued trading session as investors hoped stimulus from China can help to ease pressure from the spread of coronavirus.

London’s top flight closed 24.12 points higher at 7,433.25 at the end of trading on Monday.

European equities nudged higher amid trading optimism despite concerns from analysts that the rapid spread of the virus could have a significant impact.

Stocks in China surged after the People’s Bank of China offered $29 billion (£22.3bn) worth of one-year mediumterm loans.

Meanwhile, sterling slipped ahead of a busy week for UK data, with economists expecting to see a slight drop in wage growth on Tuesday, while inflation is expected to increase sharply on Wednesday.

The value of the pound fell 0.23% versus the US dollar at 1.301 and slid 0.2% against the euro at 1.200. Traders had the day off across the Atlantic for the President’s Day holiday, helping to contribute to the calmness throughout the session.

In company news, shares in Laura Ashley plummeted after the retailer said it is trying to unlock more money from one of its main lenders after Wells Fargo tightened purse strings.

The company closed 1.2p lower at 2p as a result.

Elsewhere, the founder of scandal-hit hospital-builder NMC Health, Indian-born Emirati businessman BR Shetty, has been forced to leave the board after questions over group finances and ownership.

Shares in the firm rose 25p to 800p. Other FTSE 100 risers were Auto Trader, up 13.8p at 602.8p; and Kingfisher, up 5.3p at 222p. Biggest fallers were Segro, down 28.4p at 906.6p; and Tui, down 17.4p at 880p.