The FTSE 100 Index has climbed on Monday over the news that Pfizer and BioNTech have developed a vaccine which is more than 90% effective in preventing people catching the virus.
The FTSE 100 jumped by 5.5% which added £82,000,000,000 to the value of shares, which has been the busiest day for the London stock market since March.
Neil Wilson, chief markets analyst at Markets.com said, “Whilst we are not there yet, news that this vaccine could be highly effective is the best thing markets could hope for.
“Public health officials will remind us there is a long road ahead, and many challenges will be faced along the way, but there is an enormous sense of optimism today.”
Dr Albert Bourla, Pfizer chairman and CEO said, “Today is a great day for science and humanity.
“We are reaching this critical milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen.