Modest gain as FTSE ends a week to forget

Brent crude also stages late rally but still depressed

A torrid week for global markets amid the coronavirus crisis ended with the FTSE 100 Index and oil prices making modest gains.

The Footsie eked out sluggish growth in the final session of the third worst week in the blue-chip index’s 36-year history.

It closed up 128.63 at 5,366.11, a 2.5% rise on the day but hardly compensation for huge losses racked up over the past few weeks as the Covid-19 virus spread.

About £275 billion has been wiped off the combined value of the UK’s top 100 listed companies this week alone, including an 11% drop in a bruising session on Thursday.

The FTSE 100’s closing level yesterday was 1,096.44 points, or 16.97% lower than a week earlier.

In other European markets yesterday, Germany’s Dax gained 0.8% and France’s Cac rose 1.8%.

Oil has also been through the mill lately, with both the coronavirus and fears of a price war hitting the commodity hard.

Benchmark Brent crude was up just over 1.5% yesterday at $35.73 a barrel, but still well below the $70plus level of earlier this year as the market remains highly volatile.

Currency markets left sterling 1.8% lower against the US dollar yesterday. The pound dropped to $1.2349 and also fell against the euro, by 1.1% to 1.1134.

Company announcements were dominated by coronavirus.

Morrisons found that doing good by its suppliers helped its shares cheer 6.15p to £1.71.

It became the first major UK supermarket to agree to pay all small suppliers immediately to help businesses struggling due to coronavirus.

Bosses at the grocer said it would also temporarily change the way it classifies “small suppliers” to any firm with an annual turnover of under £1 million, compared with £100,000 previously.

Shares in Spire Healthcare rose 3.35p to 87.75p after bosses at the private hospital operator said they had met representatives of the NHS and offered the firm’s support.

Travel and insurance specialist Saga was up 0.16p at 15.16p after it suspended its cruises until May 1 following the spread of coronavirus and warned the move would knock profits.

The UK Government has advised people aged 70 and over and those with preexisting health conditions against going on cruises.

“About £275bn has been wiped off the combined value of the UK’s top 100”