November 28, 2020

FTSE 100 climbs another 25.9 points to 6,206.8 after Pfizers vaccine news – Daily Mail

https://www.dailymail.co.uk/news/article-8932885/FTSE-100-climbs-25-9-points-6-206-8-Pfizers-vaccine-news.html

FTSE 100 climbs another 25.9 points to 6,206.8 after Pfizer’s vaccine announcement set market soaring to three-month high yesterday

  • The FTSE 100 climbed some 22.58 points to 6208.87 in trading this morning
  • IAG, EasyJet and Rolls-Royce adding to gains amid news of coronavirus vaccine 
  • Britain’s bombed out stocks have staged a dramatic recovery after Pfizer news

The FTSE bounced back this morning as signs of progress in developing a COVID-19 vaccine continue to bolster hopes of a swift economic recovery. 

The FTSE 100 climbed another 0.3 per cent, or 25.9 points to 6,206.8 in early trading this morning. 

Investors have been buoyed by the announcement from US pharmaceutical giant Pfizer yesterday that it has developed an effective vaccine against Covid-19.   

British Airways-owner IAG soared 25.5 per cent, a shot in the arm to the national flag carrier which has faced the worst crisis in its 100-year history during the pandemic. 

The blue-chip FTSE 100 index yesterday closed up 4.7% – logging its best day since March 24 – and raising the collective value of Britain’s biggest companies by almost £71billion, while the FTSE 250 soared 5.2% to a more than eight-month high. 

The FTSE 100 bounced back by some 25.9 points, or 0.3 per cent, to 6,206.8 in early trading this morning.

The FTSE 100 bounced back by some 25.9 points, or 0.3 per cent, to 6,206.8 in early trading this morning.

The FTSE 100 bounced back by some 25.9 points, or 0.3 per cent, to 6,206.8 in early trading this morning.

Take off: British Airways owner IAG, which had been fighting for survival after the pandemic triggered a collapse in global air travel, rose 25.5 per cent

Take off: British Airways owner IAG, which had been fighting for survival after the pandemic triggered a collapse in global air travel, rose 25.5 per cent

Take off: British Airways owner IAG, which had been fighting for survival after the pandemic triggered a collapse in global air travel, rose 25.5 per cent

Pfizer, the US pharmaceutical giant behind Viagra, published preliminary data yesterday showing the vaccine was 90 per cent effective at preventing Covid-19 infection.

The breakthrough was the first real ray of hope in the pandemic and could spell an end to the perpetual cycle of locking down and opening up that Britain has been trapped in since March.

Health Secretary Matt Hancock has since confirmed he has asked the NHS to ‘be ready from the start of December’ for the deployment of the jab.

Travel and oil stocks also surged by some 12.3% and 13.2% respectively in response to the vaccine news last night. 

As shares continued to soar on markets around the world this morning, Rolls-Royce and British Airways owner IAG led the FTSE 100 back above the 6,000 mark.

On Wall Street, the Dow Jones Industrial Average jumped almost 3pc, or 834.57 points, to 29,157.97. 

Rolls, which makes engines for commercial planes, jumped 43.8pc while IAG rose 25.5pc. 

Catering group Compass (up 21.7pc) and pubs and hotels group Whitbread (up 15.6pc) were also sharply higher.

In the second tier FTSE 250, Upper Crust sandwich chain owner SSP led the way with a gain of 51.8pc. 

As shares soared on markets around the world, Rolls-Royce and British Airways owner IAG led the FTSE 100 back above the 6,000 mark

…but Ocado, Zoom and Netflix plummet 

Shares in Ocado and Zoom fell sharply as so-called ‘stay-at-home’ stocks collapsed.

Home delivery and technology firms were hit by Pfizer’s announcement that the vaccine could be available before Christmas.

Ocado fell 11.5 per cent, wiping £2.2billion off its valuation and £88million from the wealth of founder Tim Steiner. 

It was followed down by Just Eat Takeaway, which saw its shares fall by 8.9 per cent. Shops selling DIY equipment, homewares and kit for make-shift offices were also hit after booming through the autumn. 

B&Q owner Kingfisher dropped 8.6 per cent, homeware specialist Dunelm dropped 5 per cent, while shares in electricals seller AO World fell 11.5 per cent. 

Shares in FTSE 100 discounter B&M, which sells garden equipment, DIY kit and pet food, fell 9.8 per cent.

Novacyt, which makes Covid testing kits, fell 33.1 per cent while Dettol maker Reckitt Benckiser dropped 5.8 per cent. In the US, video conferencing firm Zoom was down 17.4 per cent while Netflix was also hit, falling 8.6 per cent.   

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