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MARKET REPORT: The vaccine’s discussion of the coronavirus overcomes the major blow to the pharma

The progress with cancer treatment and the excitement at the prospect of a breakthrough of the coronavirus vaccine turned out to be just the pill for traders yesterday.

Pharmaceutical heavyweight Glaxosmithkline was on the rise after an independent panel in the US encouraged regulators to approve the company’s experimental therapy for a common form of blood cancer.

All panelists who voted to treat multiple myeloma agreed that the benefits outweigh the health risks of patients after studying the results of a six-month clinical trial published late last year.

Verdict: Glaxosmithkline was on the rise after an independent panel in the US encouraged regulators to approve the company's experimental therapy for a common form of blood cancer

Verdict: Glaxosmithkline was on the rise after an independent panel in the US encouraged regulators to approve the company’s experimental therapy for a common form of blood cancer

The U.S. drug regulator, the Food and Drug Administration, will follow the panel’s recommendation, although it is not required to follow it.

But it looks promising, as it was given ‘priority check’ status earlier this year. GSK was an early riser, with stocks ending 2.9 percent higher, up from 46.4p to 1650.4p at the closing price.

But it was gobbled up by fellow drug giant Astrazeneca, who rose 5.2 percent, or 447p, to 8996p, after reports it was about to reveal good news about the Covid-19 vaccine it is developing with the University of Oxford. .

Stock Watch – AFC Energy

AFC Energy’s hydrogen technology will be used to enable zero-emission charging of electric vehicles in the first-ever all-electric motorsport rally.

The inaugural Extreme E Championship will take place next year, and teams will race off-road, all-electric SUVs around the world.

AFC Energy boss Adam Bond said it was an “honor” to play a part in the race.

Shares in the AIM-listed minnow rose 7.5 percent, or 1.75p, to 24.95p.

According to ITV, there could already be an update today.

The vaccine is already being tested on humans in a phase three study, but it has not yet published detailed results from the first phase.

The Oxford-Astra vaccination is one of the top candidates among the more than 100 being developed around the world to stop the pandemic.

Even before media reports leaked, the market was already supported by news that early investigations into another vaccine – developed by the American company Moderna Inc – showed that it was safe and had the right type of immune response triggered.

In a bumper session, the FTSE 100 rose 1.8 percent or 112.90 points to 6292.65, while the mid-cap FTSE 250 index rose 1.4 percent or 245.86 points to 17,420.55.

Hopes that a vaccine would bring the world back to normal spurred travel and leisure stocks like Premier Inn owner Whitbread (up 7.4 percent, or 166p, up to 2412p) and hospitality compass (7.5 percent, or 83p), to 1184.5p).

British Airways owner IAG rushed directly to the top of the Footsie standings and rose 10.7 percent, or 22.2 p, to 229.3 p, as it was also applauded by comments from Boris Johnson that he aviation sector.

Closed closings could wipe out £ 21 million of the home gains from home decorators Dunelm, after sales fell 78 percent in April and 48 percent in May.

But the shares rose 2.5 percent, or 29 percentage points, to 1175 percentage points, after retail sales were reported to have risen 20 percent when stores reopened and online sales rose 106 percent between April and June.

Investors sent Severn Trent shares lukewarm after the water group said the corona virus had not yet seen an impact on debt collection.

Utilities are concerned that people on leave or losing their jobs might struggle to keep payments up.

Severn Trent rose 0.5 percent, or 12 pence, to 2396 pence after also saying that investments of up to £ 510 million in the company had gone well this year.

Retirement home builder McCarthy & Stone slipped into the red, falling 0.5 percent or 0.4p to 74p, after a loss of £ 27 million between November and April.

During that time, it completed rental or sales deals for 471 homes, nearly half of the deals in the same period the year before.

And investors treated Premier Oil cautiously, despite the insistence that it could start making money this year. It closed 3.2 percent, or 1.45p, to 43.86p.

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