Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

UPDATE 2-FTSE 100 rises on virus treatment hopes; AstraZeneca boosts

Published 08/24/2020, 04:06 PM
Updated 08/24/2020, 11:50 PM
© Reuters.
UK100
-
US500
-
AZN
-
BNZL
-
FTMC
-

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
* Report says U.S. mulling fast-tracking potential vaccine
* Financial, industrial stocks boost mid-cap index
* Bunzl rises on resuming dividends
* Wetherspoons slips as sales still down; calls for more VAT
aid
* FTSE 100 gains 1.7%, FTSE 250 up 0.6%

(Adds comments, updates price to close)
By Sagarika Jaisinghani and Shreyashi Sanyal
Aug 24 (Reuters) - The FTSE 100 jumped on Monday after U.S.
health regulators authorised a COVID-19 treatment over the
weekend, while AstraZeneca boosted the index on a report the
U.S. government was considering fast-tracking its experimental
vaccine.
The British drugmaker AZN.L gained 2.1% as the report said
one option being explored would involve the U.S. health
regulator awarding "emergency use authorisation" in October to
the potential vaccine. The export-laden FTSE 100 .FTSE was up 1.7%, capping its
best session in 12 days, while the mid-cap FTSE 250 .FTMC rose
0.6%, led by financials and industrials.
"These are typical August markets where you don't have a lot
that's driving them up except the absence of bad news," said
Michael Hewson, a market analyst at CMC Markets UK.
The blue-chip FTSE 100 has bounced from its March lows but
lagged the U.S. benchmark S&P 500 .SPX , which is scaling
record highs on fiscal and monetary stimulus and hopes that the
worst of the pandemic's economic damage is over.
On Sunday, the U.S. Food & Drug Administration said it
authorised the use of blood plasma from patients who had
recovered from COVID-19 as a treatment for the disease.
"If last week was beset by the economic realities of the
COVID-19 pandemic, then Monday is starting out with a
(temporary) cure for those concerns," said financial analyst
Connor Campbell at spreadbetters Spreadex.
The focus will turn to U.S. Federal Reserve Chair Jerome
Powell's address at the Kansas City Fed's annual conference on
Thursday for any hints as to the central bank's efforts to
revamp its approach to monetary policy. Bunzl Plc BNZL.L gained 2.8% after resuming dividends,
while pub operator J D Wetherspoon JDW.L fell 3% as its sales
were still down sharply year-on-year despite the government's
subsidised meal scheme and calls for tax relief for the
hospitality sector to be extended.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.