UPDATE 2-FTSE 100 ends second week higher on higher commodity prices, rebound bets

  • Reuters
  • Stock Market News
UPDATE 2-FTSE 100 ends second week higher on higher commodity prices, rebound bets
Credit: © Reuters.

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* Banks, miners and industrials lead gains on FTSE 100

* Ashmore drops as assets under management falls by $3.1 billion

* FTSE 100 up 0.5%, FTSE 250 adds 0.2%

(Updates to close)

By Devik Jain and Shashank Nayar

April 16 (Reuters) - London's FTSE 100 ended above the 7,000 mark on Friday for the first time since the pandemic pummelled risk assets last year and gained for the second consecutive week as falling coronavirus infections lifted optimism about a stronger economic recovery.

The blue-chip index .FTSE climbed 0.5%, led by gains in precious metal and base metal miners .FTNMX551030 .FTNMX551020 , which rose 1.7% and 0.7% respectively and heavyweight banking stocks .FTNMX301010 that stand to benefit from an economic re-opening gained 1.7%.

“Value-style stocks offering jam today rather than jam tomorrow have been in demand, as well as lots of companies well placed to benefit from the reopening of the economy thanks to the rollout of the COVID vaccines," said Russ Mould, investment director at AJ Bell.

The prevalence of COVID-19 infections in England dropped sharply to its lowest level since September, the Office for National Statistics (ONS) said on Friday, further bolstering sentiment towards a quicker revival. domestically focussed mid-cap FTSE 250 index .FTMC gained 0.2% for the third consecutive session to hit a fresh record high.

Globally, sentiment was bolstered after a batch of Chinese and U.S. economic data helped investors price in a solid recovery from a coronavirus-led slump. MKTS/GLOB

The FTSE 100 has bounced back nearly 40% from its pandemic closing low in March and is nearly 8% away from its January 2020 high as investor confidence in a faster economic revival strengthened on speedy vaccines and fiscal support.

Among other stocks, Man Group EMG.L rose 0.5% after the hedge fund manager said it expected customers to put in more money in the coming quarters as client engagement was positive this year. Group ASHM.L dropped 3.4% to the bottom of the FTSE 250 index after its assets under management fell by $3.1 billion during the first three months of 2021, as market volatility hurt performance.

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