BUSINESS CLOSE: FTSE climbs 1.5% as Omicron worries ease

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BUSINESS CLOSE: FTSE climbs 1.5% as Omicron concerns ease; BoE deputy warns inflation could exceed 5%; MPs ready to intervene on BT deal

By Mike Sheen For This Is Money

Published: | Updated:


HMRC fears that large corporations underpaid £35.8billion in tax last year

The FTSE 100 climbed 1.5 per cent today to end at 7,232.3 amid hopes that the new Omicron variant may be less harmful than feared.

Heavyweight oil majors BP and Royal Dutch Shell climbed by around 2 per cent, tracking a rally in crude prices.

Airlines were also higher, with IAG, the owner of British Airways, rising by around 8 per cent to the top of the FTSE 100 leaderboard. 

The FTSE 250 also advanced 1 per cent to 22,881.3, with bus operator FirstGroup, Wagamama owner Restaurant Group and Bullring owner Hammerson among the winners.

In car company news, Marshall Motor backed a £325million offer by We Buy Any Car owner Constellation Automotive, while Carwow has secured about $55million of new investment for its used car marketplace. 

Elsewhere, ministers are standing by to intervene in any attempted takeover of BT as French telecoms tycoon Patrick Drahi reportedly plotting to double his 12.1 per cent stake in the group. 

Finally, the Bank of England’s deputy governor, Ben Broadbent, has warned that UK inflation could ‘comfortably exceed’ forecasts of 5 per cent by April next year when energy bills rise again.

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