8th January 2021
The FTSE 100 performed well in the first trading week of 2021 climbing nearly 400 points (+6%) from Monday open to Friday mid-morning.
Oil companies have been a key part of this growth with Shell and BP benefiting from Saudi Arabia announcing they will cut output by 1 million barrels per day throughout February and March.
Banks have also rallied this week as Treasury yields have started to increase, with Standard Chartered one of the best performing stock in the FTSE 100.
Risers and Fallers
BHP benefitted from the upbeat news of rising manufacturing in China and elsewhere, as copper and nickel prices continue to advance. With President-elect Biden likely to increase infrastructure spending, particularly on electrification, base metals are likely to stay in strong demand.
TUI fell approximately 9% over the week as further coronavirus restrictions posed threats to the travel industry. An extraordinary general meeting confirmed the company had agreed a EUR1.8 billion support package to cover revenue lost last year.