London shares rose on Thursday as signs of progress in developing a COVID-19 vaccine bolstered hopes of a post-pandemic economic recovery, while Primark-owner Associated British Foods jumped after issuing an upbeat trading update.
AB Foods surged 6.5% to its highest in nearly a month, as it said trading in the Primark fashion stores that had reopened from a coronavirus-led lockdown had been “reassuring and encouraging”.
Travel stocks .FTNMX5750 added 2.5% as a report said the British government will end quarantine rules for those arriving from 75 countries so that people can go on holiday. “The risk now appears to be reversing previous action to ease lockdowns and go back to square zero. Any news of a vaccine being developed will only have a short-lived impact on markets until it becomes available to the entire population,” said Hussein Sayed, market strategist at FXTM.
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