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London stocks gain on vaccine hopes, GlaxoSmithKline boost

Credit: REUTERS/PETER NICHOLLS

London-listed shares rose on Wednesday as signs of progress in developing a COVID-19 vaccine bolstered hopes of a swift post-pandemic economic rebound, while GlaxoSmithKline gained after a U.S. health panel voted in favour of its blood cancer drug.

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FTSE 100 up 0.7%, FTSE 250 adds 0.9%

July 15 (Reuters) - London-listed shares rose on Wednesday as signs of progress in developing a COVID-19 vaccine bolstered hopes of a swift post-pandemic economic rebound, while GlaxoSmithKline gained after a U.S. health panel voted in favour of its blood cancer drug.

The drugmaker GSK.L rose 1.1% and was the biggest boost to the FTSE 100 as the independent panel to the U.S. Food and Drug Administration said the benefits of the experimental treatment for multiple myeloma outweighed the risks.

The blue-chip FTSE 100 .FTSE was up 0.7%, tracking gains in Wall Street futures as Moderna Inc's MRNA.O experimental vaccine for COVID-19 showed it was safe and provoked immune responses in an early-stage study.

The mid-cap FTSE 250 .FTMC added 0.9%, propelled by industrial, consumer discretionary and financial stocks.

Online fashion retailer ASOS ASOS.L jumped 5.2% after saying its sales rose 10% in the four months to June 30, benefiting from trading through the coronavirus lockdown at a time when store-based rivals were forced to shutter shops.

Fashion brand Burberry BRBY.L, however, slumped 4.9% to the bottom of the FTSE 100 as it said demand was severely impacted by the pandemic in the first quarter, with comparable sales falling 45%.

(Reporting by Shashank Nayar in Bengaluru; Editing by Shailesh Kuber)

((Shashank.Nayar@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2256;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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