StockMarketWire.com - UK stocks opened substantially higher on Tuesday after the US Federal Reserve announced more fiscal stimulus to buffer the world's biggest economy from the Covid-19 crisis.

At 0827, the benchmark FTSE 100 index was up 148.62 points, or 2.5%, at 6,213.32.

The Fed will this week kick off a bond-buying programme via an emergency corporate credit facility.

In local news, industrial equipment hire company Ashtead, which is heavily exposed to the US economy, jumped 14% to £27.5526, as it maintained its final dividend at 33.5p per share.

Ashtead held the payout steady despite reporting a 48% slump in fourth-quarter profit, though it expressed confidence that it could strengthen its market position and generate strong cash flow in its new fiscal year.

Bakery chain Greggs rose 3.6% to £17.1068 on announcing that it planned to re-open around 800 shops to takeaway customers on Thursday, and the rest of its outlets by early July.

Cinema company Cineworld rallied 7.7% to 84.98p after it said it would reopen cinemas across some territories during the last week of June, with all theatres expected to be open over the course of July.

Utility services provider Telecom Plus gained 3.4% to £13.96 after it posted a 12% rise in annual profit and hiked its dividend, while claiming the Covid-19 crisis was having a limited impact on its business.

Engineering company Wood Group firmed 6.2% to 223.98p as it secured two solar engineering, procurement and construction contracts worth over $200m combined from an American power company.

Biotherapeutics group PureTech Health jumped 8.0% to 259.26p after its founded entity, Akili, received US regulatory approval for a digital-based treatment for attention-deficit/hyperactivity disorder.

Business branding company 4imprint ascended 5.2% to £25.35 on announcing that its orders had steadied in the US since states began lifting lockdown restrictions.

Video game developer Team17 rose 5.3% to 543.4p, having enjoyed higher-than-expected demand for its products during the Covid-19 crisis as people hunkered down at home during lockdowns.

Industrial chains supplier Renold rallied 10% to 7.95p, even as it booked a substantial fall in annual profit and scrapped its dividend, citing challenging markets throughout the year and the initial impact of the Covid-19 crisis.

Molecular diagnostics group Yourgene Health climbed 5.6% to 19p on news that it had agreed to collaborate with payments company Caxton and immunity passport app Prova to support efforts to get people back to work by testing for Covid-19.

Investment manager and financial adviser support group Tatton Asset Management added 3.2% to 304.4p, having hiked its final dividend after booking a 68% rise in annual profit.

Surveillance systems supplier Synectics gained 5.8% to 113.75p as it won a contract worth more than £1m for a major offshore oilfield development in the Middle East. At 8:42am:

[LON:AHT] Ashtead Group PLC share price was +309p at 2726p

[LON:CINE] Cineworld Group PLC share price was +4.29p at 83.23p

[LON:GRG] Greggs PLC share price was +62.5p at 1714.5p

[LON:PRTC] Puretech Health PLC share price was +12p at 252p

[LON:TEP] Telecom Plus PLC share price was +66p at 1416p



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