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Summary
- The London Stock Exchange-controlled key equity index FTSE 100 recorded a straight three-day rise of more than 5 per cent
- While NYSE-operated Dow Jones Industrial Average had soared 5.08 per cent to 27,847.66 in the past three trading sessions this week
- Shares of Avast Plc closed over 6 per cent higher registering the biggest gain among the FTSE 100 constituents on 4 November
UK stock markets have been on a gaining spree from the last three days with Democratic presidential candidate Joe Biden leading over President Donald Trump in the US presidential elections 2020. The close competition between Biden and Trump has reached an interesting level with Biden reaching the 270 mark, while Trump inching towards a massive legal battle.
According to the data provided by the US news agency Associated Press, Trump has conquered 214 congressional seats, while Biden has captured 264 congressional constituencies with the vote counting for nearly a dozen states underway.
The London Stock Exchange-controlled key equity index FTSE 100 recorded a straight three-day rise of more than 5 per cent. The FTSE 100 has gathered as much as 305.99 points, or 5.49 per cent, to 5,883.26 from a level of 5,577.27 in the last three trading sessions tracking the rally on Wall Street.
FTSE 100 (1-week performance)
(Source: Thomson Reuters)
On 4 November, FTSE 100 rose 96.49 points or 1.67 per cent to end at 5,883.26, while the NYSE-operated Dow Jones Industrial Average soared 367.63 points or 1.34 per cent to 27,847.66.
DJIA (1-week performance)
(Source: Thomson Reuters)
Shares of Avast Plc (LON: AVST), the Prague-headquartered software security services provider, closed over 6 per cent higher, which was the biggest gain among the FTSE 100 constituents on Wednesday.
The stocks of Ocado Group Plc (LON:OCDO), Auto Trader Group Plc (LON: AUTO), JD Sports Fashion Plc (LON:JD), Rightmove Plc (LON:RMV), Flutter Entertainment Plc (LON:FLTR), Just Eat Takeaway.com NV (LON: JET), Aveva Group Plc (LON:AVV), GVC Holdings Plc (LON:GVC), and Scottish Mortgage Investment Trust Plc (LON:SMT) were the other major gainers across FTSE 100 that surged up to 5.5 per cent.
US election 2020 and UK stock market
Investors, analysts, policymakers and market experts have been waiting for the outcome of the US presidential election 2020 with a bated breath. The election results will certainly provide a clarity in the imminent favourability and demerit for the businesses having exposure to the US and the US-based companies operating in the UK.
The sharp recovery in the lost optimism has been seen among the equity investors as there is a considerable likelihood that the US will see a clear winner in the next few hours. While Trump is leading in the states of Georgia, Florida, Iowa, North Carolina, Ohio, Pennsylvania and Texas, Biden is leading in Arizona, Minnesota, Nevada, Michigan, New Hampshire and Wisconsin states.
The impact so far
The London Stock Exchange has witnessed a massive gain on 4 November even with the pandemic uncertainty. However, most of the banking and financial stocks finished flat with the result of the Bank of England’s Monetary Policy Committee (MPC) meeting due today. The Bank has decided to maintain the key policy rates at 0.1 per cent defying the heightened murmur around the negative interest rates.
The futures linked to the DJIA, Dow Jones 30 Futures, have been trading 0.91 per cent high at 27,988, indicating a buying optimism amidst the investors with the winner of the US presidential election results to be announced possibly soon.
