LONDON: London's FTSE 100 jumped to a near three-month high on Monday as signs of progress in developing a Covid-19 vaccine bolstered hopes of a swift economic recovery, with investors also cheering Democrat Joe Biden's US election victory.

The blue-chip FTSE 100 index closed up 4.7%, logging its best day since March 24, while the domestically focused mid-cap FTSE 250 soared 5.2% to a more than eight-month high.

Travel and oil stocks surged 12.3% and 13.2%, respectively, after US drugmaker Pfizer and German partner BioNTech said their experimental Covid-19 vaccine was more than 90% effective based on initial trial results.

Banks, which are considered a barometer for economic growth, added 12.2%.

Homebuilder Taylor Wimpey Plc surged 18.6% after it forecast annual results above market expectations, while real estate agent Countrywide Plc advanced 41.4% following an early-stage buyout approach from property firm Connells Ltd. Shares of aero-engine maker Rolls-Royce ended nearly 44% higher, having earlier gained as much as 97%, while stay-at-home winners such as Reckitt Benckiser, Just Eat Takeaway.com and Ocado Group Plc tumbled between 5.8% and 11.5%.-