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London Stocks Track Asian Gains on Vaccine Optimism

London stocks tracked gains in Asian markets on Monday as investors bet on a COVID-19 vaccine before the end of the year, although concerns over tougher business restrictions in the UK kept demand for risky assets in check.

The blue-chip FTSE 100 rose 0.7%, led by gains in banking, insurance, and aero stocks, while the domestically-focussed mid-cap FTSE 250 index added 0.3%.

Asian markets advanced toward a recent 2-1/2-year peak, also powered by hopes of a U.S. fiscal package.

Investor focus is also on Brexit-related news, with Britain and the European Union set to revive negotiations on a post-Brexit trade deal later in the day.

In company news, Amigo Holdings Plc tumbled 25.3% after saying it had entered an Asset Voluntary Requirement (AVR) with Britain’s financial watchdog, meaning the subprime lender will need approval to transfer assets outside of the group.

(Reporting by Devik Jain in Bengaluru; editing by Uttaresh.V)

Source: Reuters

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