On Tuesday, UK’s blue-chip company’s market index, FTSE 100, rose around 0.4% with energy stocks among the biggest trendsetters amid the hopes of US administration announcing more stimulus package to aid the pandemic hit the economy.
The hopes for the package provided a cushion to the oil prices and the Card Factory also followed the upward rally after announcing more than expected sales amid lockdown restriction ease.
Card Factory, the greeting card retailer, traded 6.2% higher as the store announced that the sales are “exceeding the expectations” since they have reopened. Among the FTSE 100’s 0.4 rises, British Petroleum and Royal Dutch Shell Plc were the best performers.
The reason behind the rise is the US Senate Republic paving the way for another $1 trillion aid package and are in talks about the same with Democrats.
FTSE 100 was struggling hard in July as the fear of the second wave of COVID, slow economic recovery, and the companies announcing job cuts in the UK. The go-to-food giant Greggs plunged around 2.3% even after posting a leapt in sales, and Consumer and FMCG product maker Reckitt Benckiser shed more than 1.1% despite posting better than forecast quarterly financial results.
On Tuesday, FTSE 250 mid-cap was also up by 0.7%.