A string of positive financial figures helped the traders overcome their fear of a second coronavirus wave. After a slow start, the markets finally surged up and the stocks finished a hundred points higher.
At the end of the trading on Monday, the FTSE closed at 6,032.85p. It was 135.09 points higher and restored positivity within the traders. The Financial Times Stock exchange is a share index of 100 organizations listed on the London Stock Exchange with the most noteworthy financial backing.
Connor Campbell, an analyst at Spreadex stated that even though the beginning was rough, the Western business sectors flourished as August’s exchanging got going.
He further said that regardless of the continuous danger of another influx of coronavirus cases in Europe and the various lockdown strategies being implemented or considered by the UK government, the records were still quite positive on Monday.
In the UK, PMI hit a score of 53.3 a month ago, exceeding the expectations of analysts. In Europe, stocks shut higher as the traders stopped being concerned over the US Politicians not settling on the one trillion dollar upgrade package. The German Dax Performance Index expanded by 2.71%, while the French Stock Market index moved 1.93% higher.
HSBC suffered the greatest loss on the FTSE 100. It endured a 65% drop in pre-tax benefit in the first six months of the year. Interest rates also dropped due to the coronavirus interruption.
Compared to the 12.4 billion dollar profit during the first half of 2019, the bank could only make a 4.3 billion profit in the first half of 2020.
Insurance company Hiscox also saw its shares fall due to the pandemic situation.
Metro Bank consented to purchase loan specialist RateSetter in an arrangement worth up to £12 million, boosting its offers.
The high Street challenger bank’s shares ascended by 6.7p to 110p after it declared the arrangement to get one of the nation’s biggest and most seasoned distributed moneylenders.
The greatest risers on the FTSE 100 were Lloyds, Smurfit Kappa, Natwest, and Intertek. The greatest fallers of the day were HSBC, BT Group, IAG, and Rolls-Royce.
