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UK stocks jump 1.6% on vaccine, stimulus hopes
StockMarketWire.com
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UK stocks opened substantially higher on Monday after Johnson & Johnson's single-dose Covid-19 vaccine was approved for use in the US.
At 0823, the benchmark FTSE 100 index was up 104.78 points, or 1.6%, at 6,588.21.
The Johnson & Johnson shot, expected to be distributed this week, will be the first single-dose vaccine anywhere on the market.
Sentiment also was being buoyed by optimism US lawmakers will soon push through a huge stimulus package.
In local news, distribution and services group Bunzl fell 2.0% to 321.93p, even as it reported a rise in profit driven by sales of higher priced Covid-19-related products.
Bunzl declared a full-year dividend of 54.1p per share, up 5.5% on-year, but said it did not expect a repeat of large Covid-related orders in 2021.
Telecoms giant BT gained 1.2% to 125p on announcing that chairman Jan du Plessis would stand down in 2021, once a successor had been appointed.
Newspaper publisher Reach dropped 3.6% to 229.98p, having booked a steep fall in annual profit as print sales continued to slump, though it reinstated its dividend citing growth prospects.
Reach's pre-tax profit for the year to 27 December plunged to £0.4 million, down from £120.9 million year-on-year. It declared a final dividend of 4.26p per share.
Power company Aggreko was flat at 800p despite it swinging to a full-year loss pinned on the pandemic.
Aggreko also declared a final dividend of 10p per share amid signs of a recovery across its markets.
Precious metal miner Polymetal climbed 2.3% to £14.54 on announcing that its reserves estimates had risen 10%, driven by initial estimates at its Kyzyl and Voro projects, in Kazakhstan and Russia, respectively.
Supermarket group Morrisons rose 0.4% to 171.55p, having extended a wholesale supply agreement with convenience store chain McColl's Retail, which leapt 9.9% to 26.15p on the news.
As part of the agreement, 300 McColl's convenience stores would be converted to the Morrisons Daily format over the next three years.
Tool and equipment hire group Speedy Hire jumped 7.4% to 68.74p on guiding for an annual profit 'well ahead' of current market expectations.
Speedy Hire also announced the sale of its Middle East business to ADNOC Logistics and Services for $18 million.
Solar power investor NextEnergy Solar Fund firmed 1.8% to 100.77p after it acquired the UK-based Camden solar photovoltaic portfolio, comprising two projects, for around £64.3 million.
The assets included the 50 megawatt Grange project in Yorkshire and the 50 megawatt South Lowfield project in Nottinghamshire.
Wagamama owner Restaurant Group rallied 5.8% to 115.2p as it secured £500 million of long-term debt, coming with no leverage tests on covenants until June 2022.
Industrial and electronics products maker Electrocomponents added 2.2% to 991.5p following news that it had acquired Liscombe, a supplier of high-risk hand protection and PPE products, for £11 million.
Story provided by StockMarketWire.com
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