UK News Oil jump helps London markets shrug off Freedom Day delay
Queue for FREEDOM: Covid jab lines stretch for 'MILES'
Footage taken in Troon, South Ayrshire, at around 9am today shows a line of people facing the 'hours long' wait to use the town's drop-in vaccination centre at Walker Hall, which is offering jabs.Young people in London and Scotland today formed huge queues reportedly stretching miles to get vaccinated as the NHS began offering jabs to over-18s as the Indian variant puts so-called 'Freedom Day' under threat.
The FTSE 100 soared to a new one-year high as leaps by the oil majors helped to offset any concerns about delays to the further easing of UK pandemic restrictions.
Travel, leisure and hospitality stocks took a beating as a result of Government plans to hold off the fourth stage of its road map out of lockdown until next month.
London’s top flight closed 12.62 points higher, or 0.18%, at 7,146.68 on Monday.
Chris Beauchamp, chief market analyst at IG, said: “European markets have held their ground while Wall Street continues to struggle, picking up a theme from last Friday.
Britain's Covid cases rise by 90% after 6,048 are recorded
Department of Health bosses posted another 6,048 positive tests today, compared to 3,165 last Tuesday. Another 13 deaths were also posted by Health chiefs.Infections surged from 3,165 last week continuing an upwards trend. The last time the UK recorded such a jump was on December 22, when cases had almost doubled to 36,000 from the same day the previous week.
“Oil’s resilience in the face of warming US-Iran relations suggests that the supply dynamic continues to play second-fiddle to the expectation that demand will keep building into the second half of the year.
“Growth forecasts have remained stable, and traffic levels continue their recovery to, or in some cases above, pre-Covid levels.”
Brent crude increased by 0.74% to 73.23 dollars per barrel.
The bounce in oil prices helped drive Royal Dutch Shell and BP towards the top of the equity markets.
Elsewhere in Europe, the Dax also lifted to a new record high despite a largely muted trading session.
The German Dax increased by 0.02% and the French Cac moved 0.32% higher.
Across the Atlantic, the Dow Jones nudged cautiously lower as traders kept their powder dry ahead of this week’s key Fed meeting.
Weekly Covid deaths drop below 100 for the first time since September
A total of 95 registered in the week ending May 28 mentioned Covid-19 on the death certificate, according to the Office of National Statistics. And in the UK as a whole, just 106 of the 10,977 deaths in the same week mentioned Covid on the certificate – just 0.97 per cent.Though infection rates have rocketed since the beginning of May – with the seven-day average of cases up 170 per cent – yesterday's death toll stood at 13, with hospital admissions flat.At current levels, there is a greater risk of dying in a road accident than from Covid.
Meanwhile, sterling continued its recent subdued spell as the delay to easing lockdown appeared to shock few members of London’s trading community.
The pound was 0.01% higher versus the US dollar at 1.411 and decreased by 0.02% against the euro to 1.164.
In London, hospitality operators Whitbread, Restaurant Group and JD Wetherspoons all slumped as traders were also concerned about a lack of extended financial support despite the road map delay.
In company news, fashion firm Ted Baker dropped in value after it revealed its sales collapsed as shoppers moved away from occasion clothing and office-wear.
It reported a 44% slump in revenues to £352 million for the year to January as its pre-tax losses widened by around 29%, as it was also weighed down by enforced store closures.
Shares in the company were 13.1p lower at 153.3p at the close of play.
Outsourcing giant Serco climbed after it raised its profit forecasts on the back of growing demand for Covid-19 track and trace provisions.
The FTSE 250 firm saw shares rise by 6.3p to 142p after it said profits are now on track to be around £200 million for the year, representing a £15 million improvement since previous forecast.
Spirits firm Distil lifted in value after it reported a 48% increase in revenues for the past year, helping to drive profit growth.
Shares rose by 0.15p to 2.4p at the end of the session.
The biggest risers on the FTSE 100 were Royal Dutch Shell A, up 38p at 1,458.4p, Royal Dutch Shell B, up 34p at 1,393.6p, Intermediate Capital Group, up 51p at 2,340p, and Halma, up 56p at 2,791p.
The biggest fallers on the FTSE 100 were IAG, down 8.48p at 194.72p, Rolls-Royce, down 4.58p at 107.36p, ABF, down 65p at 2,292p, and Informa, down 13.2p at 530p.
MARKET REPORT: Traders tipping oil to return to $100 a barrel .
Executives at Trafigura, Vitol, Glencore and Goldman Sachs all believe Brent crude hitting triple figures is a real possibility. A big driver will be drastic investment cuts made by big energy companies , who are trying to repair finances in the wake of Covid at the same time as ploughing cash into green energy. © Provided by This Is Money Oil rally: Prices at the pumps look set to rise with executives at Trafigura, Vitol, Glencore and investment bank Goldman Sachs all tipping oil to touch $100 a barrel again But they are making these changes at a time when demand for oil is set to reach pre-Covid levels.