FTSE 100 edges higher on vaccine optimism; Flutter gains on upbeat forecast
Reuters
Published Nov 11, 2020 08:25
Updated Nov 11, 2020 09:40
By Devik Jain
(Reuters) - London's FTSE 100 rose on Wednesday, extending a rally of more than 6% this week on hopes of a COVID-19 vaccine, although concerns over surging coronavirus cases and a slightly stronger pound limited gains.
The blue-chip FTSE 100 index gained 0.4%, with Flutter Entertainment (L:FLTRF) rising 2.8% after the online betting group raised its annual earnings forecast.
The domestically focussed mid-cap FTSE 250 (FTMC) rose 0.2%, helped by a 4.6% gain in shares of international healthcare services provider UDG Healthcare (L:UDG) following an RBC upgrade to "outperform".
"This week's news on a vaccine, while welcome, does not change the fact that France, Germany and the UK are still in the middle of partial economic lockdowns," Michael Hewson, chief market analyst at CMC Markets, wrote in a note.
"However, for now markets appear content to ignore this and are focussing on the potential green pastures of a post pandemic world, with a workable vaccine."
After falling nearly 5% in October, the FTSE 100 is up more than 13% this month, outperforming its U.S. and European peers as a slew of stimulus measures and positive vaccine data supported hopes of a sooner-than-expected economic recovery.
An opinion poll showed almost two-thirds of Britons said they would get vaccinated for COVID-19, but young people are far more likely to refuse a jab than older people, even as Britain reported 532 new coronavirus-deaths on Tuesday, its highest since May.
Pub operator J D Wetherspoon (L:JDW) fell 2.1% after reporting a 27.6% slump in first-quarter sales due to fresh coronavirus restrictions.
Workspace Group (L:WKP) slipped 2.4% after it swung to a first-half loss and deferred a decision on full-year dividend.
Defence company BAE Systems Plc (L:BAES) rose 1.6% after it slightly raised its profit outlook, saying demand for its capabilities remained high and orders for military kits this year had exceeded its expectations.
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Written By: Reuters
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