The FTSE 100 surged on Monday after news of a potential Covid-19 vaccine breakthrough and Joe Biden’s US election victory gave traders cause for optimism.
The index jumped 5.5 per cent, adding £84bn to the valuations of Britain’s largest companies after Pfizer announced that it had seen positive signs from a vaccine trial.
Pfizer’s study indicated that its vaccine was more than 90 per cent effective in preventing Covid-19. Preliminary analysis, conducted by an independent data monitoring board, looked at 94 infections recorded so far in the vaccine’s phase 3 study, which has enrolled nearly 44,000 people in the US and five other countries.
The data has yet to be publicly released or peer-reviewed, and Pfizer said the initial protection rate might change by the time the study ends.
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