UPDATE 2-FTSE 100 logs best two-day gains since late March on vaccine optimism

  • Reuters
  • Stock Market News
UPDATE 2-FTSE 100 logs best two-day gains since late March on vaccine optimism
Credit: © Reuters.

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

* UK layoffs hit record high, jobless rate rises to 4.8%

* Premier Foods tumbles after trading update

* Direct Line premiums dip, shares fall

* FTSE 100 up 1.8%, FTSE 250 adds 0.9% (Adds comment; updates to close)

By Devik Jain

Nov 10 (Reuters) - London's FTSE 100 jumped on Tuesday as prospect of an effective COVID-19 vaccine and optimism about a Brexit trade deal with European Union electrified the mood, while Premier Foods tumbled after its corporate trading update.

The blue-chip FTSE 100 index .FTSE closed up 1.8%, gaining 6.5% in two days, its best since March 26, with travel and leisure .FTNMX5750 , energy .FTNMX0530 and aero .FTNMX2710 stocks among the biggest gainers.

After rising nearly 1.3% in afternoon trade, the domestically focussed mid-cap FTSE 250 index .FTMC ended 0.9% higher, with Capita Plc CPI.L jumping 26.9% after the outsourcer eked out a small rise in adjusted third-quarter core profit helped by cost-cutting. markets had started November on a strong footing, also aided by stimulus measures from the British government and the Bank of England.

Data on Tuesday, however, showed layoffs in Britain hit a record high during the third quarter, while surveys said consumer spending faded in October even as new lockdowns spurred stockpiling. the unemployment picture is relatively bleak. However because of the vaccine, investors are feeling it's not going to last as long and that even though we may still face quite a bleak winter period, we can test whether or not it's effective in the mass vaccination program," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown (LON: HRGV ).

Brexit news was also in focus with finance minister Rishi Sunak saying significant progress have been made in a post-Brexit trade deal talks. International Plc CRDA.L jumped 7% after the specialty chemicals maker struck a additives supply deal with Pfizer Inc (NYSE: PFE ) PFE.N for manufacturing its COVID-19 vaccine candidate. Foods Plc PFD.L shed 10% even after it lifted its full-year trading profit outlook, while motor insurer Direct Line Group Plc DLGD.L fell 2.2% on lower quarterly premiums because of weak car sales due to the pandemic. firm Land Securities Group Plc LAND.L rose 4% after it resumed dividend payouts even as its first-half losses soared to 835 million pounds.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or


Related Articles