The FTSE 100 has rocketed to a three-month high following hot news from Pfizer on its vaccine programme.
The announcement from drug giant Pfizer (NYSE:PFE) that it's Covid-19 vaccine is "90% effective" against the virus is not yet a panacea, but adds to positive investor sentiment, which had already been buoyed by Joe Biden's victory in the US election, and which has sent markets to strongly positive levels.
Beneficiaries of the rally are widespread, particularly among the more beaten down sectors. The airlines and airline-related stocks are on a tear, rising in some cases by over 25%, while housebuilders, banks and retailers are all in the boat currently being lifted by a rising tide.
On the flip side, interestingly, some of the stocks which have seen the benefit of lockdown, and could therefore have this rug pulled from underneath them in the event of a return to normality, have seen a slight markdown. The likes of Just Eat Takeaway.com (LSE:JET), Kingfisher (LSE:KGF) and Flutter Entertainment (LSE:FLTR) have all seen declines in anticipation of slowing sales should the widespread easing of lockdowns come into play.
It is still early days, and the practicalities point to any meaningful distribution not being available until the first few months of next year. Even so, the news is without question a positive development and has certainly captured the imagination of investors.
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