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 sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”