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FTSE 100 hits nine-month high

The FTSE 100 has hit a nine-month high, gaining 40 points, or 0.6%, to 6,530 points in mid morning trade on Friday.

It is the highest investors have seen the blue-chip index since the first week of March.

The surge in the markets is sue to positivity surrounding the roll-out of the vaccine.

“News that Pfizer has cut its rollout target for the covid vaccine by half, owing to supply chain obstacles has knocked risk sentiment,” said Fiona Cincotta of Gain Capital.

“Vaccine optimism put the markets on a stellar run across November as investors priced in the end of the pandemic and a return to pre-pandemic growth, regardless of the dire few months expected before the vaccine becomes widely available. Then news from Pfizer means that it could now take longer to reach the end of the pandemic tunnel, but with other vaccines also coming, this is more of a setback rather than risk reset news.”

“However, optimism surrounding a large US economic stimulus package is helping lift US futures after the close. A $908 billion rescue package in the world’s largest economy now appears within reach, offering support to the global risk sentiment picture, off-setting some vaccine disappointment,” she added.

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