Investors found a safe haven in pharmaceuticals and retail stocks today to place the market up as ma...
Investors found a safe haven in pharmaceuticals and retail stocks today to place the market up as markets reacted with caution to yesterday's terrorist attacks in the US and its implications on the global stockmarkets.
US, Thailand, and Singaporean markets were closed today, but that did not stop the FTSE 100 from rallying to close up 134.8 points or 2.8% to 4880.8, paring yesterday's 5.7% drop to the lowest level since October 1997.
Tesco gained 16.75p or 7.3% to 246.75p and GlaxoSmithKline climbed 174p or 11% to £18, however, the oil markets' instant reaction yesterday to the New York and Washington terrorist attacks put the pressure on petroleum stocks even though fears of a subsequent oil crisis have been dampened.
The price of crude oil also fell 3.5% in London after closing at a three-year high yesterday, and BP fell 28.5p or 4.8% to 560p and Shell dropped 31p or 5.7% to 512p, together knocking 40 points off the FTSE index.
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