Optimism surrounding Covid-19 vaccines combined with positive factory data from China and the UK to send the FTSE 100 higher on the first trading day of December, the blue chip benchmark ending the session 1.9% up at 6,384.73.
Gold regained its shine again amid a rare down day for cryptocurrency Bitcoin, while US shares were in demand with the S&P 500 up 1.3% to 3,669.14 by 4.30pm UK time.
In corporate news, department store Debenhams announced it is entering liquidation after JD Sports (JD.) pulled out of a deal to buy the group out of administration. Shares in JD Sports gained 4.25% to 809.2p on news which had been widely trailed yesterday.
Elsewhere, pharmaceutical giant AstraZeneca (AZN) ended the session off 5p at £78 after it agreed to sell the rights to cholesterol drug Crestor and associated medicines in over 30 countries in Europe, except the UK and Spain, to German drugmaker Grunenthal for up to $350 million.
The company said it would continue to manufacture and supply Crestor, a statin approved for the treatment of dyslipidaemia and hypercholesterolaemia, to Grunenthal during a transition period.
Pet product retailer and veterinary group Pets at Home (PETS) fell 0.14% to 418.8p as it sold five specialist referral practices to rival Linnaeus for up to £100 million.
The sum included £80 million in cash and a deferred cash consideration of £20 million, payable upon certain financial milestones being met in the future. Linnaeus is a UK subsidiary of US giant Mars Petcare.
Food and drink ingredients supplier Tate & Lyle (TATE) increased 2.5% to 653.8p as it acquired stevia business Sweet Green Fields for an undisclosed sum. The company said stevia was one of the fastest growing low-calorie sweeteners used globally, particularly in beverages, dairy and snacks.
Banking group Lloyds (LLOY) jumped 7.45% to 38.3p as it confirmed the departure date of outgoing chief executive Antonio Horta-Osario.
Horta-Osario will step down on 30 April 2021, following which he will become chairman of Credit Suisse. The company said on Monday that he would be replaced by senior HSBC executive Charlie Nunn, with chief financial officer William Chalmers potentially filling in on an interim basis until Nunn takes the reins.
OTHER COMPANY NEWS
Baillie Gifford-run Monks Investment Trust (MNKS) rose 1.3% to £12.82 after it posted a positive first-half performance that beat its benchmark.
Monks’ net asset value total return for the six months through September was 26.8%, compared to a 10.2% rise on the FTSE World Index.
No interim dividend was declared, though Monks said a single final dividend would typically be paid after its annual general meeting, reflecting a focus on capital growth.
Building materials company Grafton (GFTU) firmed 5.6% to 899.5p following news that it acquired AVC, a UK manufacturer of bespoke wooden staircases trading as StairBox, for £44 million.
Mining engineering group Weir (WEIR) was marked up 2.1% to £17.01 having won a £95 million order to provide aftermarket components and services to the Iron Bridge magnetite project in Western Australia.
Ground engineering contractor Van Elle (VANL:AIM) dropped 6.5% to 43.5p after it forecast a 22% drop in first-half revenue as lockdowns triggered by the coronavirus pandemic bit hard in the first quarter.
Flooring retailer Topps Tiles (TPT) ticked up 0.7% to 56.4p despite swinging to a full-year loss and scrapping the final dividend after sales slipped due to pandemic-related store closures and it wrote down its budding commercial tiles business.
On a more positive note, Topps Tiles said like-for-like sales had bounced back by 16.5% in the fourth quarter, and by 19.6% in the first eight weeks of the new financial year.
Online women's fashion retailer Sosandar (SOS:AIM) fell 7.6% to 18.25p despite narrowing first-half losses after sales jumped 52%.