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* FTSE 100 up 1.7%, FTSE 250 adds 0.9%
* Energy stocks track oil prices higher
* British economy on track for 7% quarterly contraction
* RyanAir, Wizz Air report near wipeout in demand in April
(Updates with market closing)
By Devik Jain and Sagarika Jaisinghani
May 5 (Reuters) - A surge in big oil companies boosted
Britain's FTSE 100 on Tuesday, with investors counting on a
revival in economic activity as several countries emerged from
coronavirus lockdowns.
Brent crude futures soared to more than $30 per
barrel on hopes of a recovery in vehicle traffic and fuel
demand, sparking a more than 5% gain in shares of BP and
Royal Dutch Shell.
The commodity-heavy FTSE 100 snapped a three-day
losing streak with a 1.7% gain.
The domestically focused midcap stocks lagged with a
0.9% rise as the latest services sector activity data pointed to
a 7% quarterly fall in Britain's gross domestic product.
Still, investors took comfort as countries including the
United States and Italy gradually restarted their economies, and
British Prime Minister Boris Johnson is expected this week to
review his country's shutdown.
"As the UK reveals plans to exit lockdown and as other
countries already begin to relax measures, attention is turning
once again to a rebound in economic activity, with oil prices
also bouncing," said AJ Bell investment director Russ Mould.
The FTSE 100 has now recovered about 19% from an eight-year
low that it hit in March, partly on historic global fiscal and
monetary stimulus, and shrugging off mounting evidence of the
COVID-19 pandemic's economic damage.
Figures earlier on Tuesday showed British new car sales
slumped by an annual 97% in April as factories shut because f
the coronavirus outbreak. The United Kingdom has the highest
official death toll from the coronavirus in Europe, overtaking
Italy.
Low-cost airlines Ryanair and Wizz Air
reported a near total wipeout in passenger numbers in April, but
their shares rose 2.5% and 0.4%, respectively, after Wizz Air
said it expected its figures to improve in May.
Virgin Atlantic revealed plans to cut 3,150 jobs and move
its London Gatwick operations to the bigger Heathrow airport.
Bigger rival, British Airways owner IAG, fell 3.9%
to the bottom of the FTSE 100.
(Reporting by Sagarika Jaisinghani, Devik Jain and Sruthi
Shankar in Bengaluru; Editing by Anil D'Silva)
