7th May 2021
Weekly Round Up
UK equity markets edged higher this week owing to the Bank of England’s UK GDP growth expectations, +7% for the year, as the vaccine rollout continues to bolster confidence. The FTSE 100 rose +2% this week, reaching yearly highs and surpassing the 7100 level for the first time since the pandemic began last February.
After a relatively flat week the US mounted a late-session turnaround on Thursday, ahead of US employment data being released on Friday, which is predicted to continue to improve, showing strong US economic recovery. The rally coincides with President Biden’s new expectations that 70% of American adults will have received at least one vaccine dose by July 4th. The S&P 500 closed +0.8%, whilst the Nasdaq closed +0.4%, reversing its earlier session losses.
St. Modwen Properties Plc is the biggest riser this week, seeing a +24% increase. The climb follows the announcement on Friday that the property company received a non-binding conditional takeover proposal from Blackstone Group, of around £1.21bn.
Ocado Plc is the FTSE 100’s biggest faller this week, with a -11.35% fall. The online grocery supermarket continues to see its share price retreat following the gains seen during the UK lockdowns.