British stocks gain on signs of economic recovery, Rolls Royce jumps
London-listed shares rose on Wednesday as investors bet on a faster economic recovery following upbeat manufacturing data from the world’s two biggest economies, while Rolls-Royce jumped after signaling a rebound in demand for luxury cars.
The luxury automaker rose 3.3% to the top of the FTSE 100 a day after Chief Executive Officer Torsten Muller-Otvos said the return in demand meant Rolls-Royce was the first car company to resume production in the United Kingdom on May 4.
The FTSE 100 index and the mid-cap FTSE 250 index climbed 0.8% and 0.3%, respectively, with mining, chemicals and aero stocks leading gains.
Britain’s top homebuilder, Barratt Developments Plc, jumped 2.7% even as it scrapped a special dividend payout and reported a near 30% fall in full-year housing completions and revenue.