Energy, bank stocks lift FTSE 100 as virus concerns weigh

London's FTSE 100 rose on Wednesday, extending a rally of more than 6% this week as energy and bank stocks jumped on hopes of a COVID-19 vaccine, although concerns over surging coronavirus cases limited gains. The blue-chip FTSE 100 index gained 0.5%, while the domestically focussed mid-cap FTSE 250 advanced 0.5%. Energy and banks stocks rose 2.3% and 1.3%, respectively.

London's FTSE 100 rose on Wednesday, extending a rally of more than 6% this week as energy and bank stocks jumped on hopes of a COVID-19 vaccine, although concerns over surging coronavirus cases limited gains. The blue-chip FTSE 100 index gained 0.5%, while the domestically focussed mid-cap FTSE 250 advanced 0.5%.

Energy and banks stocks rose 2.3% and 1.3%, respectively. An opinion poll showed almost two-thirds of Britons said they would get vaccinated for COVID-19, but young people are far more likely to refuse a jab than older people, even as Britain reported 532 new coronavirus-deaths on Tuesday, its highest since May.

Defence company BAE Systems Plc rose 1.7% after it slightly raised its profit outlook, saying demand for its capabilities remained high and orders for military kits this year had exceeded its expectations.