Energy stocks lift FTSE 100, Sainsbury surges By Reuters

(Reuters) – London’s FTSE 100 jumped on Thursday as energy stocks tracked strong gains in crude prices, while investor confidence was further bolstered by hopes of a bigger U.S. stimulus package under a Democrat administration.

The blue-chip FTSE 100 gained 0.8%, with BP (LON:BP) and Royal Dutch Shell (LON:RDSa) being the biggest boosts, while supermarket group Sainsbury was the top gainer on the index.

The supermarket owner gained 5.3% after it raised its full-year profit forecast as it benefited from COVID-19 restrictions that forced people to stay at home.

Global risk assets gained in anticipation of big borrowing and big spending under the Democrat administration which would help support economic growth at a time the coronavirus crisis continues to ravage several businesses globally.

London-listed shares of Europe’s largest low-cost carrier Ryanair dropped 1.0% after it slashed its annual traffic forecast due to fresh lockdowns in the United Kingdom and Ireland.