The FTSE 100 jumped through the 7,000 level for the first time since February 2020, rising 0.51% to 7,019.
“This represents a massive milestone in recovering from the terrible pandemic and shows how investors’ confidence has completely changed since just over a year ago,” says Russ Mould, investment director at AJ Bell.
While the market experienced a shock as the coronavirus pandemic gripped the world, it has now turned its attention on the future in anticipation that corporate earnings will recover, “in true market style”, Mould said.
FTSE 100 miners and oil producers were in demand on Friday following new data that showed China’s economy jumped by 18.3% in Q1 of 2021. “The key issue from the market’s perspective is how quickly stimulus measures will be withdrawn in the country. Officials say it will be a gradual process but not everyone trusts China’s authorities to be true to their word,” Mould commented.
FTSE 100 Top Movers
Making the most gains on the FTSE 100 at mid-morning trading is BT (2.49%), Ocado (2.34%) and Evraz (2.31%).
At the other end, Aveva (-2.27%), Barrratt Developments (-1.50%) and Intermediate Capital Group (-1.29%), are the day’s biggest fallers so far.
Ocado, the British online supermarket, confirmed on Friday that it is taking a £10 million stake in Oxbotica, a UK startup that develops autonomous driving systems.
The FTSE 100 company is making a strategic investment to develop AI-powered, self-driving vehicles that will operate its operations, including inside its warehouses. The aim for the new technology is to reduce Ocado’s delivery costs in order to boost its customer’s value proposition through a shift to electrically powered cars.