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* FTSE 100 climbs 2.8%, FTSE 250 down 3.0%
* Pubs, restaurant owners hit on British social shutdown
* Catering giant Compass Group slumps on profit warning
* Antofagasta biggest gainer on main index
(Updates to close)
By Shivani Kumaresan and Devik Jain
March 17 (Reuters) - London's main share index rose on
Tuesday as the U.S. Federal Reserve's move to purchase
short-term corporate debt and Britain's expected rescue package
to help coronavirus-hit businesses brought back some confidence
among investors.
The blue-chip FTSE 100 rose 2.8%, led by healthcare
and consumer stocks.
Chilean copper producer Antofagasta jumped 16.0%
after posting higher annual profit aided by rising sales and
falling costs, though it also flagged a review of its spending
plans due to the tough global economy.
U.S. stocks reversed early losses to trade higher on Tuesday
as the Federal Reserve said it would relaunch financial
crisis-era purchases of short-term corporate debt to thaw credit
markets strained by the coronavirus pandemic.
Shares in the world's biggest catering firm Compass Group
slumped 4.2% to their lowest since June 2013 after it
said half-yearly operating profit would miss expectations due to
steps taken in Europe and North America to limit the spread of
the virus.
Prime Minister Boris Johnson on Monday ordered the most
vulnerable to isolate for 12 weeks and asked people to avoid
pubs, clubs, restaurants, cinemas and theatres, though he
stopped short of ordering them to close.
Foreign Minister Dominic Raab also advised Britons to stop
all non-essential travel globally for the next 30 days.
"As the UK becomes the latest country to announce stringent
self-isolation measures to suppress the coronavirus, markets are
attempting to put on a brave face about the outbreak," AJ Bell
investment director Russ Mould, said.
The domestically focussed FTSE 250 index shed early
gains to fall 3.0% in its ninth straight session of losses, with
Cineworld plunging 43.0% to a record low as it closed
theatres in light of the coronavirus outbreak.
Through Monday, the number of confirmed coronavirus cases in
Britain rose to 1,543, up from 1,372 the day before, while the
UK death toll rose to 55.
British Finance Minister Rishi Sunak said lenders will offer
a three-month mortgage holiday to those in difficulty, adding
that he will set out the next stage of help in the coming days.
That follows a 30 billion pound ($37 billion) stimulus
package he unveiled last week.
There was no respite for travel stocks, with British Airways
parent IAG and easyJet falling 6.5% and 6.1% as
airlines made unprecedented cuts to flights, costs and staffing
and stepped up calls for emergency aid.
"No monetary and fiscal policy unfortunately can alter the
spread of the virus," Simona Gambarini, markets economist at
Capital Economics, said. "It's unlikely that the stock market
and other risky assets will rebound on a sustained basis."
Electricals retailer Dixons Carphone rose 10.8% after
saying it would axe 2,900 jobs as it closes all 531 UK
standalone Carphone Warehouse stores.
Supermarket group Morrisons shares jumped 9.8% after
it said it plans to create 3,500 new jobs and expand its home
delivery operation to help get through the coronavirus crisis.
(Reporting by Shivani Kumaresan and Devik Jain in Bengaluru;
Additional reporting by Sruthi Shankar; Editing by Jan Harvey)
