FTSE enjoys big post-Easter bounce on reopening optimism

Tue, 6th Apr 2021

By the close the FTSE 100 was up 1.3% to 6,823.42 buoyed by the latest projections from the International Monetary Fund suggesting Western economies are recovering faster than anticipated. By 4.30pm UK time the US S&P 500 index had made fresh, albeit modest, gains to trade at new record highs, rising 0.1% to 4,083.12. Oil major BP gained 3.8% to 300.9p after it said it was on track to reach its $35 billion net debt target in the first quarter of its financial year. Disposal proceeds in 2021 were forecast to be at the top end of BP's previously announced $4‑to-$6 billion range, the company said. Home repairs and improvements business HomeServe fell 3.6% to £11.68 on guiding for annual adjusted pre-tax profit to rise to around £191 million in line with consensus expectations. Oil company Tullow Oil rose 1.7% to 50p after it started a multi-year oil drilling campaign offshore Ghana. Gene and cell therapy group Oxford Biomedica gained 4.8% to 998p, having signed an agreement with Boehringer Ingelheim for the manufacture and supply of various types of viral vectors. Software group Sage gained 0.4% to 627.2p following news that it had agreed to sell its Swiss business to Infoniqa for around CHF 50 million (£39 million). Low-cost carrier Ryanair gained 0.3% after its passenger volumes plunged 91% year-on-year as the pandemic continued to roil travel markets. Rival budget carrier Wizz Air gained 2.7% to £51.12 as its March volumes fell by a more modest, but still substantial, 73%. Healthcare services provider Totally added 2.8% to 31.4p after its urgent care division won a number of contract extensions worth a combined £17.8 million. Story provided by StockMarketWire.com

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