UK shares rise

Britain's stock markets looked set to post weekly gains on Thursday, as investors pinned hopes on the COVID-19 crisis nearing a peak.

The blue-chip index rose 0.67%. Shares in Just Eat Takeaway, an online food ordering and delivery company, surged 9% to the top of the index after saying total orders for the group jumped 50% in the first quarter.

Stock markets globally have gained this week amid signs that coronavirus death toll was levelling off in the US hotspot of New York and receding in hard-hit regions of Europe.

Shares in BP and Royal Dutch Shell rose marginally ahead of an OPEC+ meeting where the world's largest oil producers are expected to agree to cut production.

Among midcap stocks, homebuilder Redrow surged 6.7% after winning approval for the Bank of England's coronavirus emergency financing scheme and said talks with six banks to secure additional funds were progressing well.

Fellow housebuilders Barratt Development, Persimmon and Taylor Wimpey gained between 4% and 5.6%.

Meanwhile, in Britain, the number of infections and hospital admissions are beginning to show signs of flattening, a medical director of the National Health Service said on Wednesday.

The domestically focused midcaps index, which has underperformed the blue-chip and small cap companies since the rout started in February, added 1%, and was on track for its biggest weekly percentage gain.

Diageo Plc, the world's largest spirits maker, rose 3% even as it withdrew its earnings outlook and suspended a capital returns plan in response to the pandemic.

Frankie and Benny's chain owner Restaurant Group rose 6.3% after it proposed a share placement to cushion the hit from challenges related to the coronavirus.

Rail and coach ticketing company Trainline rose 4.1% after saying it would cut costs and capital spending.