StockMarketWire.com - UK stocks made up some lost ground on Wednesday, rising 1.1% in early trade, after the Bank of England slashed interest rates by 50 basis points to buffer the economy from the coronavirus.

At 0824, the benchmark FTSE 100 index was up 67.0 points, or 1.1%, at 6.027.23.

Investors had been hoping central banks would cut rates to stimulate the global economy.

The Bank of England's move, however, was a little unexpected because it was made outside its usual rate review schedule.

In corporate news, security contractor G4S tumbled 9.5% to 120.2p as it swung to a full-year loss and reported flat adjusted earnings, after spending on marketing and technology offset a rise in revenue.

G4S said the impact of the coronavirus on its business had so far been 'immaterial' and that it was continuing to monitor the situation.

Small-cap Tiziana Life Sciences jumped almost 300% to 125p after it said it was speeding up development of a potential coronavirus treatment.

Construction company Balfour Beatty rallied 8.9% to 240.4p as it hiked its dividend by a third on the back of a stronger annual profit and revenue performance.

B2B information services provider Euromoney climbed 1.0% to 980p, despite warning the cancelling and postponing of several events due to the coronavirus outbreak would weigh on its revenue this year.

Steam management system manufacturer Spirax-Sarco Engineering shed 1.5% to £81.85, even as it reported an 8% rise an adjusted annual profit, underpinned by higher sales.

Intellectual property-based businesses IP Group added 1.5% to 59.4p, having reported narrower annual losses, as cost cuts helped offset a decline in net assets.

Wealth management group Quilter rose 4.8% to 139.2p, despite swinging to a full-year loss, owing to higher tax charges.

Quilter also posted a flat underlying performance that it said beat its expectations, while warning that the coronavirus had added uncertainty to its outlook.

Home collect credit provider Morses Club tumbled 31% to 72.15p after it warned that its annual profit would be 18%-to-23% below consensus market expectations.

Concrete levelling technology company Somero Enterprises jumped 15% to 244p, even as it posted a 7% fall in annual profit owing to a bout of wet weather in the US putting a dampener on sales.

Somero also said its performance had recovered faster than hoped in the second half as the weather improved.

Wealth management and employee benefits group Mattioli Woods was unchanged at 797p after it agreed to acquire Hurley Partners from its shareholders for up to £25.6m.

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