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 -6.19% ‘s vaccine was 94.5% effective against coronavirus.
Double-digit gains were registered for casino operator Rank /zigman2/quotes/200887572/delayed UK:RNK +1.54% and cinema operator Cineworld /zigman2/quotes/206525056/delayed UK:CINE -0.52% , and in the FTSE 100, engine maker Rolls-Royce /zigman2/quotes/203646520/delayed UK:RR +1.91% , International Airlines Group /zigman2/quotes/208070069/delayed UK:IAG +2.24% , and GKN Aerospace owner Melrose Industries /zigman2/quotes/210306391/delayed UK:MRO +2.02% surged.
Major oil companies BP /zigman2/quotes/202286639/delayed UK:BP -0.17% and Royal Dutch Shell /zigman2/quotes/206428183/delayed UK:RDSA +0.81% 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 -2.01% and Just Eat Takeaway /zigman2/quotes/216303066/delayed UK:JET -0.32% declined, as did disinfectant maker Reckitt Benckiser .
The FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.14% 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.