London stocks gain, set for strong weekly gains on recovery hopes

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UK stocks rose on Friday and were set for their third straight week of gains as optimism around a post-coronavirus economic recovery drove investors back to riskier assets, while housebuilder Taylor Wimpey jumped on a rebound in bookings.

The firm (TW.L) added 3.2% and was among the top gainers on the FTSE 100 .FTSE after it also said it had seen fewer cancellations in Britain’s nine-week lockdown than in the same period last year.

The blue-chip FTSE 100 .FTSE was up 0.9%, with travel stocks .FTNMX5750 surging on a report saying here some European countries were keen to adopt “transport corridors”, which would let British holidaymakers visit Mediterranean resorts without quarantining for 14 days on their return.

The mid-cap FTSE 250 .FTMC was up 1.4%, with consumer discretionary, industrial and financial stocks among the biggest boosts.

Premier Oil (PMO.L) surged 11.6% after saying it would issue discounted shares to activist hedge fund ARCM representing 8.91% of the company to pay for North Sea assets from BP (BP.L).

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