FTSE opens up 1.19% by 57 points on 5,898 – after business leaders blasted Boris Johnson for ushering office staff back to WFH due to Covid threat
- Britain’s blue-chip index stood at 5898.98 at the start of today’s session
- Came as Boris Johnson’s new coronavirus restrictions proved as expected
- Follows Monday’s £51bn plunge when traders first became aware of measures
The FTSE 100 opened 1.19% higher this morning to reach nearly 5900 as it staged a bullish recovery from Monday’s dramatic falls.
Britain’s blue-chip index stood at 5898.98 at the start of today’s session following a strong overnight performance on Wall Street, led by tech darlings including Amazon, Microsoft and Apple.
Boris Johnson’s new coronavirus restrictions proved as expected when they were announced yesterday, lessening their impact for worried traders even as the rest of the country digested their implications.
The weak pound, now hovering at a two-month low, also benefits Britain’s largest companies as most of their earnings are made overseas in dollars.
The FTSE 100 stood at 5898.98 at the start of today’s session following a strong overnight performance on Wall Street. Pictured is an office worker outside the London Stock Exchange
It came as business leaders criticised the PM for imposing new restrictions on the economy as it begins to recover from the depths of the Covid crisis.
Mr Johnson said it was necessary to reintroduce working from home rules and a swathe of social measures in order to avoid a dramatic surge in deaths.
But the beleaguered premier faced fire from all sides as he U-turned on his push to reopen workplaces.
He also faced barbs for introducing other swingeing new measures including a 10pm pub curfew and £200 fines for mask rule-breakers in England.
The more domestically-focused FTSE 250 was also up this morning, climbing 0.86%, with healthcare stocks leading the way.
Beauty products maker PZ Cussons Plc fell 1.2% despite posting a 23% rise in first-quarter revenue on higher sales of hand wash, sanitiser gels and soaps.
SSP Group, the owner of Upper Crust and Caffe Ritazza, rose 4.2% after pointing to an improvement in weekly sales even as it forecast an 86% drop in second-half sales due to the pandemic.
Investors are awaiting new economic data to be released later in the day for clues on how the economy performed in September.
The FTSE 100 closed 25 points (0.43%) at 5,829 yesterday – a marked recovery from Monday’s plunge which saw £51bn wiped off its value.
Yesterday, Boris Johnson said it was necessary to reintroduce working from home rules and a swathe of social measures in order to avoid a dramatic surge in deaths