By Steve Goldstein
Another dash for trash was triggered in London on Monday, as a variety of hard-hit companies surged in the wake of news that biotechnology company Moderna /zigman2/quotes/205619834/composite MRNA -0.08% ‘s vaccine was 94.5% effective against coronavirus.
Double-digit gains were registered for casino operator Rank /zigman2/quotes/200887572/delayed UK:RNK -4.65% and cinema operator Cineworld /zigman2/quotes/206525056/delayed UK:CINE -6.89% , and in the FTSE 100, engine maker Rolls-Royce /zigman2/quotes/203646520/delayed UK:RR -5.07% , International Airlines Group /zigman2/quotes/208070069/delayed UK:IAG -5.69% , and GKN Aerospace owner Melrose Industries /zigman2/quotes/210306391/delayed UK:MRO -5.12% surged.
Major oil companies BP /zigman2/quotes/202286639/delayed UK:BP +1.82% and Royal Dutch Shell /zigman2/quotes/206428183/delayed UK:RDSA +1.68% both rallied as well in response to the vaccine news and the hope the economy will return to normal next year. Food delivery companies Ocado /zigman2/quotes/207225647/delayed UK:OCDO +0.24% and Just Eat Takeaway /zigman2/quotes/216303066/delayed UK:JET -2.74% declined, as did disinfectant maker Reckitt Benckiser /zigman2/quotes/206856088/delayed UK:RB -0.19% .
The FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.31% jumped 1.9%. The index was up about 0.7% before the vaccine news, helped by data out of resource-intensive China that showed a big jump in industrial production in October.