Markets surge on Pfizer/BioNtech Covid vaccine announcement

The FTSE surged more than 5% following the recent announcement from Pfizer/Biontech that their Covid vaccine was found to be “more than 90% effective in preventing Covid-19 in participants without evidence of Sars-CoV-2 infection in the first interim efficacy analysis”.

The analysis evaluated 94 confirmed cases of Covid-19 in trial participants in their study which enrolled 43,538 participants. The news report highlighted that “no serious safety concerns have been observed”

Clearly this is all excellent news for the world and gives hope that a successful vaccine can be found.

Turning to market reactions, in the FTSE, some of the most unloved shares in recent months have shown huge gains notably IAG, parent company of British Airways, saw its shares surge by over 30% in a remarkable session.  US markets are expected to show large gains when they open this afternoon.

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