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Friday,20 November 2020 at 16:58

UK and European stocks traded higher as investors looked past spiralling coronavirus cases and a U.S. Treasury decision to spike pandemic relief programmes.

The dollar slipped while currencies that benefit from higher risk appetite rose as investors focused on the possible resumption of talks for additional coronavirus stimulus.

Oil prices firmed, buoyed by successful COVID-19 vaccine trials, while renewed lockdowns in several countries to limit the spread of the virus capped gains.

Gold bounced after U.S. Treasury Secretary Steven Mnuchin said that negotiations on stimulus measures will continue, boosting the metal’s appeal as a hedge against likely inflation.

In corporate news, Sage slumped even after it lifted its dividend as it reported an 8.5% rise in organic recurring revenue rose to £1.6bn, driven by growth from existing and new customers, principally in North America and Northern Europe. Micro Focus also lost ground.

Smurfit Kappa was in the red after raising €660m in a share placing to accelerate its investments and capitalise on the trends towards e-commerce and sustainable packaging for products. The company said it had identified between €1.2-1.4bn of investment opportunities to boost the group's competitive advantage.

Markets
At the close
FTSE 100 6,351 +0.27%
FTSE 250 19,506 (-0.01%)
DAX 13,128 +0.33%
At 16:45
Dow Jones 29,396 (-0.29%)
S&P 500 3,577 (-0.12%)
NASDAQ 11,924 +0.17%
Fixed Income
UK 10-YR YIELD 0.30
Exchange Rates
GBP/USD 1.329
GBP/EUR 1.120
Commodities
Gold $1,872 +0.32%
Brent $44.32 +0.45%
Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.
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