Travel stocks have helped lead a FTSE 100 rally as the latest swing in sentiment over the Omicron variant saw global markets bounce higher.
British Airways owner International Airlines Group, which suffered the steepest decline when stocks suffered a big sell-off last Friday, was among the biggest risers on the London blue-chip index on Wednesday, up more than 3%.
Commodity stocks also helped the wider index close the day up by 109 points, or 1.6%, joining a global recovery after a sell-off on Tuesday sparked by pessimistic comments from drugs firm Moderna about the efficacy of COVID-19 vaccines against Omicron.
Live COVID updates from across the UK and world
Stocks have been on a rollercoaster ride all week, having staged a rally on Monday in the wake of last Friday’s plunge.
On Wednesday, big FTSE 100 risers had included Whitbread, owner of hotel chain Premier Inn, which added 4% at one stage, and aero engine maker Rolls-Royce though they lost ground and other constituents overtook them in the broad-based rally.
Outside London’s premier index, easyJet gained 4% – as did holiday operator Tui.
Oil prices staged a recovery too – with Brent crude, having dipped below $70 a barrel overnight, climbing 2%.
It remains well below the highs of more than $86 reached in October.
In Europe, bourses in Frankfurt, Paris and Milan all turned sharply higher.
British Airways owner International Airlines Group saw sharp gains
Markets have been caught up in anxiety about the Omicron variant as its emergence prompted reinforced travel and other restrictions to be enacted by a number of countries.
Further pressure was applied after comments from Jerome Powell, chairman of the US Federal Reserve, the world’s biggest central bank.
Mr Powell indicated that the Fed’s…
Source : skynews
