Scottish Mortgage Investment Trust was the biggest riser on the FTSE 100 in afternoon trading, climbing 5.65 per cent, while investment group M&G gained 5.18 per cent. FTSE 100 jumps after global sell-off as pound slides Harry Robertson The FTSE 100 and European stocks rose sharply as investors recovered their poise after a sharp sell-off in global stocks last week, with a falling pound boosting London’s blue-chip index. British Airways owner IAG was the FTSE’s biggest casualty, dropping 3.33 per cent as travel restrictions continue to dent demand. The FTSE 100 this morning recovered some of the ground it lost last week, when it slid around two per cent. The FTSE 100 extended its morning rebound and was trading 2.46 per cent higher in afternoon trading. London’s FTSE 250 index of smaller firms also rose 1.7 per cent. On the continent, both Germany’s Dax and France’s CAC climbed 1.68 per cent. The continent-wide Stoxx 600 gained 1.43 per cent. The index was helped by the pound’s 0.9 per cent slump against the dollar to $1.315. Housebuilders Barratt and Taylor Wimpey climbed 3.63 per cent and 2.8 per cent respectively, after data showed UK house prices hit a record high in August. Pent-up demand and the stamp duty holiday have boosted demand. “Brexit came roaring back into the picture over the weekend – specifically fears of a no-deal Brexit,” said Connor Campbell, market analyst at trading platform Spreadex. Monday 7 September 2020 3:47 pm whatsapp Astrazeneca climbed 4.24 per cent after health secretary Matt Hancock said a vaccine, being developed by the pharmaceutical giant in collaboration with Oxford university, would “most likely” be available early next year. He said the potential legislation, which would specifically focus on Northern Ireland’s trading arrangements, “is another example of the government actively chasing a no-deal Brexit”. Share Tags: FTSE 100 Its rise came despite the number of coronavirus cases in the UK jumping 50 per cent in a day to hit 3,000 on Sunday – the most since May. Investors will get a breather today, however, as US stock markets are closed today for the Labor Day public holiday, although Nasdaq futures fell a further one per cent. “It is not hard to find reasons to worry about the global economy,” he said. But he added that “not every pullback is the beginning of another major selloff”. 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Primark owner Associated British Foods gained in today’s session after reporting a surge in fourth quarter sales as lockdown measures eased. Shares jumped on the open but eased back in afternoon trading to trade up 1.58 per cent. People are gradually returning to their City of London offices (Getty Images) Also Read: FTSE 100 jumps after global sell-off as pound slides “Dominated by constituents with substantial overseas earnings, the index benefits from the bump these earnings get when the pound falls against other major currencies” said Russ Mould, investment director at AJ Bell. People are gradually returning to their City of London offices (Getty Images) Also Read: FTSE 100 jumps after global sell-off as pound slides Soaring house prices boost property stocks Prices rose 1.6 per cent month on month despite the UK being hit by the worst recession in modern history. That meant prices were 5.2 per cent higher in August than they were a year earlier, according to lender Halifax. “Primark needs a measure of normality to do well. Its low ticket business model is not a proposition that seems likely to translate well to the internet and the company has not gone down this route, not even considering it at the height of the coronavirus restrictions” said Mould. whatsapp Show Comments ▼ The US’s Nasdaq, which is dominated by big tech stocks, fell around 3.5 per cent last week. The S&P 500 fell around 2.4 per cent. The rout in US tech stocks saw $2.3 trillion in value wiped off in just two days. Speaking on LBC, he said the government had already started production of the government’s initial order of 30m doses of the vaccine. Last week, doubts set in about the recent surge in global stock markets that has taken US indices to record highs, causing investors to hit the sell button. The drop in the pound cleared the way for the rebound in the FTSE, however. A cheaper pound makes the overseas earnings of the index’s firms worth more. It rise was driven by reports that the UK is set to override key parts of the withdrawal agreement it reached with the EU with new legislation. “It is almost inevitable that the perceived probability of ‘no deal’ will escalate over the coming weeks,” Goldman Sachs analysts said in a note. “A return to nationwide lockdown or just more restrictive measures would significantly undermine the recent sales momentum”, he added. People are gradually returning to their City of London offices (Getty Images) “After months of gains, and with an economic recovery that looks like it is stalling, investors will be asking, ‘is that it?’. Has the rally come to an end, and is the next big leg down upon us?” said Chris Beauchamp, chief market analyst at trading platform IG.