Following Joe Biden’s victory in the US election, the FTSE 100 started early morning trading with a long overdue rise.
In the first half an hour of trading the London’s blue-chip index gained 1.62% and sat at 1.37% up at 5,990.86 by 10.10am. The midcap FTSE 250 also rose 1.32% to 18,153.82.
Biden’s victory helped equities extend last week’s gains as global stocks rise to near record highs. MSCI’s All-Country World Index rose 0.5% stronger than the intra-day high set on 3rd September.
FTSE 100 stocks in London were trading in the green, apart from Avast and BT being in the red. The main beneficiaries being airl;ines, travel and builders
Blue-chip householder Taylor Wimpey rose 12% after announcing it was on track to deliver annual results above market expectations. After Taylor Wimpey’s announcement, Persimmon rose 4.77% and Baratt house builders to 3.58%.
Mining stocks also advanced 2.6% on stronger metal prices in addition to the wider homebuilders sub-index rising 2.3%.
Markets did not stop there with late news coming in today of successful vaccine trials for the Pfizer/BioNTec vaccine that produced 90% antibody immunity in third stage testing of over 45,000 people.
The French CAC finally closed up 17% from where it was just 10 days ago, Germany’s DAX up 13%, in the UK the FTSE 100 closed up 12%, the Dow Jones in the US up 10% and across the Far East markets were up around 7-8%. Overall, for the indices that we track, markets are up nearly 11% on average in the last 10 days.