Did London stocks rally in hopes of a robust economic recovery?

  • April 06, 2021 07:18 PM BST
  • Team Kalkine
    Team Kalkine
    Team Kalkine
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Did London stocks rally in hopes of a robust economic recovery?

Source: Copyright © 2021 Kalkine Media Pty Ltd.

US Markets: Broader indices in the United States traded on a mixed note - particularly, the S&P 500 index traded 7.78 points or 0.19 per cent higher at 4,085.69, Dow Jones Industrial Average Index dipped by 26.84 points or 0.08 per cent lower at 33,500.35, and the technology benchmark index Nasdaq Composite traded higher at 13,768.95, up by 63.36 points or 0.46 per cent against the previous day close (at the time of writing - 11:45 AM ET).

US Market News: The major indices of Wall Street traded on a mixed note after witnessing a rally in the previous trading session. Among the gaining stocks, Cara Therapeutics shares climbed by approximately 16.35% after the news that the biopharmaceutical company will be added to the S&P SmallCap 600 index. Illumina shares went up by approximately 8.23% after the Company had provided a strong quarter and full-year guidance. Snap shares jumped by around 7.11% after the Atlantic Equities had upgraded its investment rating from “Neutral” to “Overweight”. Norwegian Cruise Line shares went up by about 3.33% after the cruise operator seeking the approval of federal health authorities.

US Stocks Performance*

UK Market News: The London markets traded in a green zone, driven by rising investor confidence regarding the accelerated global economic recovery. FTSE 100 advanced by around 1.28% due to a jump in the mining and travel stocks. According to the Society of Motor Manufacturers and Traders (“SMMT”), the new car registrations in the UK remained 11.5% higher during March 2021 as compared to March 2020. According to the leading Market researcher, Britain’s shoppers had witnessed an increase of around 8.5% for the week ended 03 April 2021 as compared to the prior week.

Mining shares such as Antofagasta and Rio Tinto climbed by around 4.70% and about 3.29%, respectively, driven by rising optimism for an accelerated economic recovery.

Oil Giant BP had expected to hit the USD 35 billion net debt target by the first quarter of 2021. Moreover, BP anticipated disposal proceeds to remain at the top end of the previously announced range between USD 4 billion and USD 6 billion during 2021. Thus, the shares went up by around 5.04%.

FTSE 250 listed Tullow Oil updated that it had started a multi-year, multi-well drilling campaign in Ghana. Furthermore, the shares jumped by around 2.42%.

European Indices Performance (at the time of writing):

FTSE 100 Index One Year Performance (as on 06 April 2021)

         1 Year FTSE 100 Chart (Source: Refinitiv, Thomson Reuters)

Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group Plc (LLOY); Barclays Plc (BARC); Vodafone Group Plc (VOD).

Top 3 Sectors traded in green*: Basic Materials (+2.98%), Energy (+2.50%) and Utilities (+1.83%).

London Stock Exchange: Stocks Performance (at the time of writing)

Crude Oil Future Prices*: Brent future crude oil (future) price and WTI crude oil (future) price were hovering at $62.90/barrel and $59.52/barrel, respectively.

Gold Price*: Gold price was quoting at US$1,744.95 per ounce, up by 0.93% against the prior day closing.

Currency Rates*: GBP to USD: 1.3821; EUR to GBP: 0.8586.

Bond Yields*: US 10-Year Treasury yield: 1.656%; UK 10-Year Government Bond yield: 0.790%.

*At the time of writing


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