August 12, 2019 / 7:25 AM / 9 days ago

UK shares gain broadly, Thomas Cook tanks

(For a live blog on European stocks, type LIVE/ in an Eikon news window)

* FTSE 100, FTSE 250 up 0.6%

* Banks, oil majors biggest boost

* Thomas Cook slumps 30%

* Tullow Oil biggest FTSE 250 gainer

Aug 12 (Reuters) - London’s FTSE 100 rebounded on Monday after suffering its steepest five-day drop since May last week over worries of a prolonged U.S.-China trade war, while tour company Thomas Cook plunged after updating on its recapitalisation plans.

The FTSE 100 index was up 0.6% by 0715 GMT, with the midcap index also gaining 0.6%.

The blue-chip bourse got its support from gains in Asia-exposed financial stocks and oil majors in a broad-based recovery, tracking rises in China after Beijing showed support for its capital markets by relaxing margin financing.

Thomas Cook, the world’s oldest travel company, tanked nearly 30% after saying its existing shareholders were expected to be significantly diluted as part of its rescue plan.

Tullow Oil, however, jumped 15% on the midcap index after publishing data confirming high-quality oil bearing sandstone reservoirs in its well in Guyana. (Reporting by Muvija M and Indranil Sarkar in Bengaluru; Editing by Shounak Dasgupta)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below