London open: Stocks rally on vaccine hopes, China data
(Sharecast News) - London stocks rallied in early trade on Tuesday, with sentiment underpinned by vaccine hopes and solid manufacturing data out of China.
At 0910 GMT, the FTSE 100 was up 1.4% at 6,352.02
Spreadex analyst Connor Campbell said: "After tying up loose ends yesterday, the markets entered the final month of the year fresh-faced and ready to rally.
"December is set see the Pfizer/BioNTech and Moderna vaccines given emergency use authorisation in the UK, US and elsewhere, the rollout of which should be the first major step towards escaping the clutches of the pandemic.
"Knowledge of this - including confirmation that the Moderna preparation is 94% after the final results were posted yesterday - appears to be helping the markets lift higher this Tuesday, recovering from Monday's November-ending wobble."
Investors were also digesting some upbeat data out of China, after the Caixin/Markit manufacturing purchasing managers' index for November rose to 54.9 from 53.6 the month before, hitting its highest level in a decade.
On home shores, Markit's manufacturing PMI for November is at 0930 GMT.
In equity markets, stocks with large exposure to the Covid-19 pandemic and related restrictions gained, with British Airways parent IAG, GKN owner Melrose and caterer Compass all higher. Pub chains Mitchells & Butlers and Wetherspoons were also in the black.
JD Sports advanced as it confirmed that discussions with the administrators of Debenhams regarding a potential acquisition have ended.
Mining technology provider Weir Group pushed up after saying it had won a £95m order to provide aftermarket components and service to the Iron Bridge magnetite project in Western Australia.
Tate & Lyle was also firmer after it announced the acquisition of Sweet Green Fields, a stevia sweetener solutions business, for an undisclosed sum.
Market Movers
FTSE 100 (UKX) 6,352.02 1.37%
FTSE 250 (MCX) 19,540.50 1.06%
techMARK (TASX) 3,949.05 0.67%
FTSE 100 - Risers
International Consolidated Airlines Group SA (CDI) (IAG) 163.55p 6.06%
Melrose Industries (MRO) 162.00p 5.54%
Lloyds Banking Group (LLOY) 37.42p 5.05%
NATWEST GROUP PLC ORD 100P (NWG) 161.40p 4.40%
Compass Group (CPG) 1,379.00p 4.15%
Barclays (BARC) 139.74p 3.85%
Taylor Wimpey (TW.) 159.45p 3.57%
Standard Chartered (STAN) 468.10p 3.52%
HSBC Holdings (HSBA) 401.75p 3.48%
Berkeley Group Holdings (The) (BKG) 4,784.00p 3.46%
FTSE 100 - Fallers
Aveva Group (AVV) 3,296.00p -2.83%
Hikma Pharmaceuticals (HIK) 2,566.00p -1.61%
London Stock Exchange Group (LSE) 7,982.00p -1.53%
Avast (AVST) 501.00p -1.38%
Flutter Entertainment (FLTR) 13,530.00p -1.28%
Rentokil Initial (RTO) 491.40p -1.19%
Admiral Group (ADM) 2,829.00p -0.98%
Spirax-Sarco Engineering (SPX) 11,035.00p -0.90%
Severn Trent (SVT) 2,368.00p -0.88%
SEGRO (SGRO) 906.40p -0.61%
FTSE 250 - Risers
Petrofac Ltd. (PFC) 163.25p 6.53%
Capita (CPI) 45.20p 6.48%
Mitchells & Butlers (MAB) 224.50p 6.40%
Virgin Money UK (VMUK) 133.85p 5.81%
IWG (IWG) 339.40p 5.14%
Aston Martin Lagonda Global Holdings (AML) 76.05p 4.90%
Crest Nicholson Holdings (CRST) 307.60p 4.70%
Wetherspoon (J.D.) (JDW) 1,151.00p 4.26%
St. Modwen Properties (SMP) 378.00p 4.13%
Investec (INVP) 193.20p 4.09%
FTSE 250 - Fallers
Avon Rubber (AVON) 4,355.00p -2.02%
Petropavlovsk (POG) 26.90p -2.00%
Games Workshop Group (GAW) 9,670.00p -1.73%
Premier Foods (PFD) 86.90p -1.70%
PureTech Health (PRTC) 284.50p -1.56%
Apax Global Alpha Limited (APAX) 180.00p -1.42%
Helios Towers (HTWS) 144.60p -1.36%
Pets at Home Group (PETS) 413.80p -1.34%
BMO Global Smaller Companies (BGSC) 138.20p -1.29%
Domino's Pizza Group (DOM) 316.20p -1.13%
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