U.K. stocks rallied on Monday amid bets that a divided government with a Democratic controlled House and a Republican-controlled Senate in the U.S. will promote post-pandemic economic stability and signal a more predictable approach to trade policy.
The benchmark FTSE 100 rose 80 points, or 1.4 percent, to 5,992 despite continued concerns over Britain’s trade agreement with the EU after Brexit.
BP Plc rose about half a percent and Royal Dutch Shell gained over 1 percent as oil prices rose over 2 percent on relief the U.S. presidential election results were finally decided.
Investors are pinning hopes that Biden would push through the fiscal stimulus to get through the Covid-19 pandemic.
GlaxoSmithKline gained 1.1 percent. The company said that its majority-owned specialist HIV company ViiV Healthcare has revealed interim analysis from HPTN 084 study that showed that investigational injectable cabotegravir is superior to oral standard of care for HIV prevention in women.
Distribution and outsourcing company Bunzl rallied 2.4 percent after announcing an acquisition in Brazil.
Builder Taylor Wimpey soared 11 percent after delivering a bullish update on the country’s housing market.
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