Gains in financials and homebuilders increased UK shares
May 28, 2021, 12:31 pm

Gains in financials and homebuilders increased UK shares

FILE PHOTO: Signage is seen outside the entrance of the London Stock Exchange in London, Britain. Aug 23, 2018. REUTERS/PETER NICHOLLS

Devik Jain

British shares climbed on Friday, led by gains in financials and homebuilders on economic recovery optimism, while investors awaited key U.S. inflation data which has kept them on edge this week.

The blue-chip FTSE 100 index rose 0.4% with banks and life insurers adding 1.5% and 1.9%, respectively. HSBC Holdings and Prudential provided the biggest boost.

Homebuilders jumped with Vistry Group and Taylor Wimpey gaining 2.5% and 3.5%, respectively.

Britain's financial regulator said it would move to protect consumers from so-called "loyalty penalties" in motor and home insurance, potentially saving an estimated 4.2 billion pounds ($5.95 billion) over 10 years.

The domestically focused mid-cap FTSE 250 index inched 0.4% higher and was set to outperform the blue-chip index for the second straight week with a 1.6% gain.

"What we've seen in sort of anecdotal conversations, backed up by investor surveys, is the global asset allocators' view of the UK is turning a bit more positive," said Ian Williams, Peel Hunt's economics & strategy research analyst.

"If you want to buy UK exposure, then you tend to go more into mid- and small-caps and a combination of a bit of takeover activity and decent earnings recently has been more helpful for them."

The FTSE 250 is only down 0.6% from a record high hit on May 10, as the British economy has reopened and data pointed to a stronger economic recovery in the second half of the year due to vaccine rollouts and constant policy support.

Asian shares rallied too as investors bet the United States will lead the world out of the pandemic, with the focus turning to a multi-trillion dollar spending boost by the Biden administration.

Among stocks, brewer C&C Group slipped 3.5% to the bottom of the FTSE 250 index after Berenberg cut its price target on the stock.

(Reporting by Devik Jain in Bengaluru; Editing by Subhranshu Sahu)

Reuters, MAY 28, 2021 / 4:32 AM EDT

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has announced its sponsorship of the “Innovation and Sustainable Technology Solutions Competition (GU - IST Solutions), hosted by Gulf University at its main campus.
This strategic sponsorship reflects BENEFIT’s active role in advancing technological innovation and fostering sustainable solutions to future challenges. It also seeks to empower Bahraini youth by enhancing their skills, capabilities, and competitiveness in innovation and solution development—contributing meaningfully to the broader goals of sustainable development across all sectors.
As part of BENEFIT’s active involvement in the competition, the company has announced that Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication, will serve on the competition’s supervisory committee. Her upcoming participation reflects BENEFIT’s forward-looking commitment to championing academic and professional excellence.
Commenting on the occasion, Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication at BENEFIT, said, “We are privileged to support this pioneering initiative, which aligns seamlessly with BENEFIT’s enduring commitment to fostering innovation and nurturing the potential of Bahrain’s youth. Our participation is rooted in a deep sense of social responsibility and a firm belief in the pivotal role of innovation in shaping a sustainable future. Through such platforms, we seek to empower the next generation with the knowledge, skills, and foresight required to develop impactful solutions that address future challenges, in line with the United Nations Sustainable Development Goals 2030.”
Dr. Aseel Al Ayash Dean of the College of Engineering in Gulf University commented, “We extend our sincere gratitude to BENEFIT for their generous sponsorship and support of the Innovation and Sustainable Technology Solutions Competition. This contribution plays an instrumental role in helping us achieve the strategic goals of this initiative, namely, cultivating a culture of innovation and sustainability, encouraging efforts that address the imperatives of sustainable development, and enhancing the practical and professional capabilities of our students and participants.”
The event will bring together a diverse spectrum of participants, including secondary school students, university undergraduates, engineers, industry professionals, entrepreneurs, academic researchers, and subject matter experts representing a wide range of disciplines.
The competition seeks to inspire participants to develop and present innovative, sustainable technologies aimed at addressing pressing environmental, social, and economic challenges. It encourages the formulation of business models that integrate advanced technological solutions with core principles of sustainability. Moreover, it serves as a platform for emerging leaders, entrepreneurs, and innovators to contribute to the advancement of the Sustainable Development Goals, promote the ethos of responsible technology, and demonstrate its transformative potential across various sectors.
Attendees will have the opportunity to view a series of project presentations submitted by participants, covering diverse areas such as eco-friendly product design, smart and sustainable innovations, renewable energy technologies, water conservation and management, waste minimisation and recycling, green architectural solutions, and sustainable transportation systems. Outstanding projects will be formally recognised and awarded at the conclusion of the event.