The UK blue-chip index closed 1.4 per cent higher on Monday, as Ocado led gains after raising its full year earnings outlook, while mid-caps fell, as England faced the prospect of entering a nearly one-month lockdownlater in the week. Meanwhile, British private security firm G4S has rejected a takeover proposal from US rival Allied Universal Security Services, Bloomberg News reported, citing people with knowledge of the matter.
This comes after London’s FTSE-100 fell on Friday and logged its biggest monthly drop since March as the second coronavirus wave takes its toll on the country. On Monday, the index nudged higher despite fears over the looming lockdown.
On Saturday Prime Minister Boris Johnson confirmed that England will be entering a second lockdown on Thursday after the surge in COVID-19 cases and deaths.
EU and British Brexit negotiations are also set to continue in Brussels on Monday.
If the two sides do not agree on a trade deal, it has been estimated that $900 billion (£696 billion) of annual bilateral trade in goods and services would be damaged from the start of next year.
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6.30pm update: FTSE-100 rockets
London’s FTSE-100 scored its biggest one-day percentage gain in nearly two months on Tuesday.
“Anticipating a blue wave (Democrat victory), the markets went all in on a green tsunami … as the Western indices continued to aggressively rebound from their nightmarish end to October,” said Connor Campbell, financial analyst at Spreadex in London.
5.00pm update: FTSE-100 closes up
The FTSE-100 index at the close was up 131.80 at 5786.77.
The FTSE Mid-250 index closed up 311.18 at 17491.70.
1.45pm update: FTSE-100 up
The FTSE-100 index at 1:45pm was up 118.64 at 5773.61.
11.45am update: FTSE surge continues
The FTSE-100 index at 11:45am was up 96.03 at 5751.00.
10.30am update: Sunak under pressure over lockdown
Rishi Sunak is facing demands from MPs to publish an assessment of the economic harm that England’s lockdown will cause.
The influential Treasury Select Committee has called for the Chancellor to release the analysis before MPs vote on the lockdown measures on Wednesday.
The committee’s Conservative chairman, Mel Stride, said: “As part of our inquiry into the economic impact of coronavirus, the Treasury Committee has examined the wider modelling of the effects of the pandemic.
“To aid this inquiry, and also to assist MPs ahead of the vote on Wednesday on new lockdown measures, it would be helpful if the Treasury published the work that it has carried out in respect of the various interventions considered by the Government.”
9am update: Currency latest
The pound at 9am was 1.2972 dollars compared to 1.2907 dollars at the previous close.
The euro at 9am was 0.9007 pounds compared to 0.9015 pounds at the previous close.
8.45am update: FTSE soars on open
The FTSE has soared on open, jumping almost 100 points in just 45 minutes.
The UK index closed at 5,654 yesterday. In less than an hour of trading this morning it has jumped to 5,746.