Posted on Jan 02, 2019
British shares clawed back losses on Wednesday to end the year’s first trading day on a positive note after a disastrous 2018, helped by investor appetite for stocks deemed less risky and also by a comeback for oil majors despite weak data from China.
London's blue-chip bourse FTSE ended 0.1% higher while the mid-cap index FTMC was up 0.5% after steep losses earlier on Wednesday, Reuters reported.
The indexes teetered as trading volumes remained roughly around two-thirds of their 90-day average during the session, after recording their worst yearly drop since the 2008 financial crisis last year.
Heavyweights BP and Shell advanced 2.3% and 1.4% respectively, as crude prices erased earlier losses to trade in the black.
Investors also took some notice of the positive domestic PMI data prompted by Brexit-induced stockpiling, although uninspiring Chinese data had sparked a global sell-off earlier and raised questions about the global economy.
“Although stockpiling played a role in the strong UK PMI data, it was still the best economic news out there today,” said Jasper Lawler, head of research at London Capital Group.
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