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Markets

London stocks gain on quicker recovery hopes; Vodafone jumps

  • Drugmaker GlaxoSmithKline gained 0.3% as it struck a 150 million euros ($180 million) deal to develop next-generation vaccines against COVID-19 with German biotech firm CureVac .
03 Feb, 2021

British shares rose for a third straight session on Wednesday, as investors hoped for a faster economic revival due to a slew of favourable earnings updates and quicker vaccine rollouts, while Vodafone jumped after its earnings beat estimates.

The blue-chip FTSE 100 index climbed 0.8%, with insurance and travel stocks leading the gains, while the mid-cap index added 0.7%.

Markets in Asia and the United States rose on renewed hopes for US President Joe Biden's proposed $1.9 trillion COVID-19 aid bill and an acceleration in vaccine roll-out programmes.

Vodafone, the world's second-largest mobile operator, rose 4.4% and was the top boost to the FTSE 100 after saying its organic service revenue returned to growth in its third quarter, beating analysts' expectations.

Drugmaker GlaxoSmithKline gained 0.3% as it struck a 150 million euros ($180 million) deal to develop next-generation vaccines against COVID-19 with German biotech firm CureVac .

Glencore which mines coal, nickel, silver, zinc and copper, climbed 0.6% after it stuck to all of its production targets for 2021.

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