Following a combination of the US stimulus package, positive news over vaccines and rising oil prices, the FTSE 100 began the week in a buoyant mood. The index rose by 70 points, up nearly 1%, as positive economic news broke across the world.
“After finally getting some impetus on a Friday afternoon, at a time when most of us were winding down for the week, the FTSE 100 has started Monday morning without a hint of a hangover from the weekend,” said investment director at AJ Bell, Russ Mould.
“Government attempts to manage expectations on Covid better are helpful to the market which is now probably pleasantly surprised at just how quickly the UK has vaccinated the most vulnerable sections of its population,” Mould continued.
Investors are now more able to see the light at the end of the tunnel, albeit with further complications likely along the way. This has been reflected by strong performances this morning across the FTSE 100.
FTSE 100 movers
International Consolidated Airlines (4.97%), Barclays (4.87%) and JD Sports (4.69%) made the most sizeable gains on the FTSE 100 during Monday’s early morning trading.
Tesco (-19.7%) was down after its shares were consolidated, while AstraZeneca (-1.01%) and RELX Group (-0.75%) were the worst performers on market opening, as the company’s share prices did not reflect the day’s positive macroeconomic news.
Rolls-Royce has appointed Panos Kakoullis as the engineering company’s new chief of finance officer. Rolls-Royce announced earlier this year that flying hours would plummet by 45% as increased travel restrictions continue to impact the company.
The FTSE 100 company’s share price is up by 1.5% in early Morning morning trade upon news of the company’s directorate change.