LONDON: British stocks rose on Wednesday as signs of progress in developing a Covid-19 vaccine bolstered hopes of a swift post-pandemic economic rebound, while major healthcare stocks propped up the blue-chip index.
The FTSE 100 ended up 1.8%, while midcaps added 1.4% after Moderna Inc's experimental vaccine for Covid-19 showed it was safe and provoked immune responses in an early-stage study.
Reports of potential positive news on initial trials of the University of Oxford's Covid-19 vaccine, which has been licensed to AstraZeneca, also propped up markets. AstraZenca was the biggest boost to the blue-chip index.
GlaxoSmithKline added 2.9% after an independent panel to the US Food and Drug Administration voted in favour of approving the drugmaker's experimental treatment for a common form of blood cancer.
Hong Kong-focused lenders HSBC Holdings Plc and Standard Chartered lagged broader gains after US President Donald Trump ordered an end to the former British colony's special status under US law, prompting a warning from China.
In a mixed bag of quarterly earnings updates, online fashion retailer ASOS jumped 3.4% on posting a sales bump through the coronavirus lockdown, while Burberry slumped 5.6% as it said demand had been severely impacted by the pandemic.
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