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Nov. 11, 2020, 11:56 a.m. EST

London grinds higher as recovery names take the lead again

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By Barbara Kollmeyer

Banks, supermarkets and drugmakers were in the lead for London on Wednesday, as pandemic recovery hopes tied to a COVID-19 vaccine continued to fuel buying interest.

The FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX +1.62% gained 1% to 6,358.74, for a gain of nearly 8% so far this week. The pound /zigman2/quotes/210561263/realtime/sampled GBPUSD -0.3303% fell 0.4% to $1.3211, and a weak pound can work in the favor of international companies listed in London that derive revenue from overseas.

The yield on the U.K. 30-year gilt /zigman2/quotes/211347182/realtime BX:TMBMKGB-30Y -3.73% reaching 1% “is another sign of improved sentiment as investors move out of safe havens,” said AJ Bell investment director Russ Mould, in a note to clients.

Sentiment picked up globally for beaten-down shares tied to the recovery, as drugmaker Pfizer and partner BioNTech announced on Monday that an early trial of their COVID-19 vaccine showed the disease was blocked in 90% of participants. That triggered a reversal out of stocks that have been favored in the pandemic — chiefly, technology stocks and work-at-home plays — and into those economic recovery themes.

Heavily weighted shares of AstraZeneca /zigman2/quotes/200304487/composite AZN -0.60% /zigman2/quotes/203048482/delayed UK:AZN +0.50% climbed 2.8%. The drugmaker was lifted to hold from reduce by HSBC analysts , who cited stronger-than-anticipated commercial execution and vaccine news flow tailwinds. HSBC said the third-quarter results showed a strong performance from its oncology pillars, 

That includes airlines, as shares of BA operator International Consolidated Airlines /zigman2/quotes/208070069/delayed UK:IAG +6.95% rose over 6% and cut-rate airline easyJet /zigman2/quotes/202825892/delayed UK:EZJ +1.66% gained over 5%.

Read: Bids to buy U.K. firms to get harder as ministers shut out ‘back door’ takeovers from countries like China, Russia and U.S.

The retail sector also rose, with shares of Kingfisher /zigman2/quotes/200571451/delayed UK:KGF +0.57% up nearly 5% and Wm Morrison Supermarkets /zigman2/quotes/205533138/delayed UK:MRW -0.50% gaining close to 4%.

/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,588.53
+105.10 +1.62%
Volume: 692,321
March 1, 2021 4:53p
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/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.3879
-0.0046 -0.3303%
Volume: 0.0000
March 2, 2021 12:58a
loading...
/zigman2/quotes/211347182/realtime
add Add to watchlist BX:TMBMKGB-30Y
BX : Tullett Prebon
1.33
-0.05 -3.73%
Volume: 0.00
March 1, 2021 5:00p
loading...
/zigman2/quotes/200304487/composite
US : U.S.: Nasdaq
$ 48.09
-0.29 -0.60%
Volume: 11.38M
March 1, 2021 4:00p
P/E Ratio
39.23
Dividend Yield
2.85%
Market Cap
$127.46 billion
Rev. per Employee
$352,484
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/zigman2/quotes/203048482/delayed
UK : U.K.: London
6,980.00 p
+35.00 +0.50%
Volume: 1.58M
March 1, 2021 4:35p
P/E Ratio
36.84
Dividend Yield
2.97%
Market Cap
£91.17 billion
Rev. per Employee
£272,751
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/zigman2/quotes/208070069/delayed
UK : U.K.: London
205.30 p
+13.35 +6.95%
Volume: 44.85M
March 1, 2021 4:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£9.54 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202825892/delayed
UK : U.K.: London
1,002.00 p
+16.40 +1.66%
Volume: 4.23M
March 1, 2021 4:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£4.48 billion
Rev. per Employee
£214,929
loading...
/zigman2/quotes/200571451/delayed
UK : U.K.: London
£ 266.90
+1.50 +0.57%
Volume: 5.22M
March 1, 2021 4:35p
P/E Ratio
36.81
Dividend Yield
N/A
Market Cap
£5.58 billion
Rev. per Employee
£149,519
loading...
/zigman2/quotes/205533138/delayed
UK : U.K.: London
170.00 p
-0.85 -0.50%
Volume: 6.58M
March 1, 2021 4:35p
P/E Ratio
15.63
Dividend Yield
4.05%
Market Cap
£4.10 billion
Rev. per Employee
N/A
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