- FTSE 100 closing price of 6,826.24, +1.32%
- BP PLC (LON:) shares jump on buyback hopes
- Mining stocks, reopening names rally
- Oil rebounds on growth outlook
- steady after failing to breach $60,000
By Samuel Indyk
Investing.com – The started the holiday-shortened week in fine fashion, jumping 1.32% as the index played catch up with some of its global peers. The common ‘reopening’ stocks all performed well with Stagecoach Group PLC (LON:), Cineworld Group (LON:) and National Express Group (LON:) all up over 4% following Monday’s announcement from Boris Johnson that the roadmap for leaving lockdown is on track.
Cruise operator Carnival PLC (LON:) (NYSE:) saw its shares rally after the company asked the US Centers for Disease Control and Prevention (CDC) to approve the resumption of cruises from July 4th.
shares were near the top of the blue-chip index after the company said it expected to reach its $35bln net debt target in Q1 of this year, sooner than previously expected. Reaching the target this early, as a result of strong business performance and anticipated disposal of assets, could lead to a resumption in share buybacks.
Sticking with the energy markets, and futures both staged a rebound from the losses seen after OPEC+ announced they would be increasing supply in the coming months last week. Hopes of a fast global recovery underpin higher oil prices with the lifting their forecast for world economic growth in their latest World Economic Outlook.
Despite the strong start to the week for the FTSE, GBP was weak with back below 1.3900. The EUR was one of the better performing G10 currencies as broke back above 0.8500. The latest Eurozone investor confidence survey showed confidence at its highest level since August 2018, further supporting EUR against other major currencies.
Bitcoin was trading marginally lower after failing to breach $60,000 but the world’s largest cryptocurrency still has a market cap of over $1tln. The whole sphere now has a market cap of over $2tln after large gains in and over the weekend.
Of note, four large companies in the space, including Coinbase and Square (NYSE:), have announced they are forming a to lobby policymakers and regulators regarding digital asset legislation and regulation.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.