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(Alliance News) - London stock indices closed mixed on Friday, as investors weighed positive vaccine news against ongoing Brexit squabbling.
The FTSE 100 index closed 1.5%, or 87.06 points, higher at 5,919.58. The FTSE 250 ended 0.1%, or 15.54 points, lower, at 17,822.91, and the AIM All-Share closed 0.6%, or 6.23 points higher, at 977.72.
For the week, the FTSE 100 ended 1.0% lower, the FTSE 250 0.7% lower, and the AIM All-Share 0.1% lower.
The Cboe UK 100 ended 1.7% higher at 588.74, the Cboe 250 closed marginally lower at 15,031.32, and the Cboe Small Companies ended 0.2% higher at 9,388.66.
Josh Mahoney at IG said: "Markets pushed upwards in the final session of the week, with markets regaining lost ground on the news that Pfizer could release a vaccine as soon as November. Meanwhile, the possibility that Pfizer could apply for a US emergency allowance to fast-track their vaccine has helped ease fears over the recent introduction of renewed restrictions throughout Europe.
"Of course, Pfizers timeline that a vaccine could be approved in just a month remains dependent upon positive research outcomes between now and then. However, the willingness to map out an exact date does convey an admirable degree of confidence that the vaccine is good enough."
Pfizer expects to file for emergency use authorisation for its Covid-19 vaccine in late November, around two weeks after the November 3 US presidential election, it said Friday.
The company, up 2.3% in New York at the London close, said it hopes to move ahead with the vaccine after safety data is available in the third week of November.
"So let me be clear, assuming positive data, Pfizer will apply for Emergency Authorization Use in the US soon after the safety milestone is achieved in the third week of November," the company's Chair & CEO Albert Bourla said in an open letter.
The announcement means the US could have two vaccines ready by the end of the year, with Massachussetts biotech firm Moderna aiming for November 25 to seek authorisation.
The US Food & Drug Administration, which authorises pharmaceuticals for distribution in the US - asked vaccine developers last week to spend two months monitoring for serious side effects after the second dose is given to trial participants.
The pound was quoted at USD1.2924 at the London equities close, only slightly softer than USD1.2926 at the same time on Thursday.
Connor Campbell, financial analyst at Spreadex, said: "Despite Boris Johnson's best attempts, the pound managed to find a state of equilibrium as the week came to a close. The prime minister appeared to pour scorn on the idea of an agreement between the UK and EU materialising, saying that talks are 'over' and that it is time to 'get ready' for a no deal exit from the EU and a future trade relationship akin to that of Australia and the continental bloc.
"Yet the EU suggested that negotiations would continue next week, even if Johnson believes that are pointless unless the Union fundamentally shifts its approach to the talks. It was the slim hope of progress, regardless of what Johnson - who seems to have abandoned his 'oven ready' deal - said that prevented sterling from spiralling this Friday."
EU chief Ursula von der Leyen said on Friday European negotiators will be in London next week to pursue post-Brexit talks, despite a furious threat by Britain to abandon negotiations.
"As planned, our negotiation team will go to London next week to intensify these negotiations," von der Leyen said in a tweet.
A European source said the UK had accepted to pursue talks.
UK Prime Minister Boris Johnson has warned that Britain is ready to walk away from post-Brexit trade talks with a "no-deal" unless the EU shifted its position.
He accused the EU of failing to negotiate seriously and said Britain should "get ready" to operate on stripped-down World Trade Organization rules from January, "unless there is a fundamental change of approach" from Brussels.
In Paris the CAC 40 ended 2.0% higher, while the DAX 30 in Frankfurt ended 1.6% higher.
Data from Eurostat on Friday showed that Eurozone consumer prices fell for the second straight month on an annual basis in September.
Annually, the eurozone's consumer price index was down 0.3% in September, deflation accelerating from a 0.2% fall in August. The reading was in line with market forecasts but represented the steepest decline in prices since April 2016.
On a monthly basis, consumer prices rose 0.1% in September, after falling by 0.4% in August. This figure is also in line with market expectations.
In a separate release, Eurostat said the euro area recorded a trade surplus of EUR14.7 billion in August, narrowing from EUR29.7 billion in July. The figure missed market expectations of a EUR15.1 billion surplus.
In London, shares in JD Wetherspoon ended 19% lower after it it suffered severe losses in financial 2020 due to the Covid-19 lockdown, which Chair Tim Martin said was full of "ill-thought-out regulations" and not based on science.
The pub owner reported a pretax loss for the year ended July 26 of GBP34.1 million, swinging from a profit of GBP102.5 million a year prior. Revenue fell 31% to GBP1.26 billion from GBP1.82 billion, with like-for-like sales down 30%.
JD Wetherspoon put its poor performance down to the effects of the closure of pubs by the government in March, which lasted for around three months.
The company opted to skip a final dividend, compared to last year's 12.0 pence each. This brings the year's total payout to nothing, compared to last year's total payout of 16.0p.
Chair Tim Martin said: "It appears that the government and its advisers were clearly uncomfortable as the country emerged from lockdown. They have introduced, without consultation, under emergency powers, an ever-changing raft of ill-thought-out regulations - these are extraordinarily difficult for the public and publicans to understand and to implement. None of the new regulations appears to have any obvious basis in science."
Rio Tinto ended 0.2% lower. It reported a reduction in production and shipment of iron ore amid maintenance at a port, but promised to "generate superior returns to shareholders" going forward.
The Anglo-Australian miner said Pilbara iron ore shipments of 82.1 million tonnes in the three months to the end of September were 5% lower than in the third quarter of 2019. A recovery in planned maintenance activity in the port led to lower shipments, the company explained.
Pilbara iron ore production of 86.4 million tonnes was 1% lower year-on-year but 4% higher quarter-on-quarter.
Mined copper production of 129,600 tonnes was 18% lower than the prior year, and 2% lower than in the second quarter of 2020, due to lower grade at Kennecott mine, located in the US state of Utah, as a result of pit sequencing to accommodate the extended smelter shutdown.
Looking ahead, Rio Tinto kept its guidance for all of 2020 unchanged since its second quarter operations review, with the exception of titanium dioxide slag, which is now expected to be around 1.2 million tonnes from previously estimated 1.2 million to 1.4 million tonnes.
Investment manager Man Group said "robust" net inflows and positive investment performance led to a 4% rise in funds under management and the company remains "well-placed" to withstand market volatility.
Shares in the London-based company ended 4.1% higher.
The FTSE 250-listed company said FuM increased to USD113.1 billion at September 30 from USD108.3 billion at June 30, driven by net inflows of USD1.7 billion primarily from the company's Alternative Strategies as redemption levels normalised following Covid-19 related rebalancing.
Positive investment performance added USD1.7 billion to FuM and positive foreign exchange movements contributed USD1.4 billion, resulting from a weaker US dollar particularly against sterling and the euro.
The euro stood at USD1.1718 at the European equities close Friday, up from USD1.1705 a day before.
Against the yen, the dollar was trading at JPY105.40, up from JPY105.30 late Thursday.
Stocks in New York were in the green at the London equities close. The DJIA was 0.9% higher, the S&P 500 index was up 0.6% and the Nasdaq Composite was up 0.4%.
Brent oil was quoted at USD43.00 a barrel at the equities close, rising from USD42.58 at the same time the prior day.
Gold was lower. An ounce of the precious metal was quoted at USD1,900.51 an ounce at the London equities close against USD1,904.50 on Thursday.
The economic calendar for Monday has Spanish trade balance at 0800 BST, EU construction output at 1000 BST, and the US NAHB housing market index a 1500 BST. The UK Rightmove monthly house price index is due at 0001 BST on Monday.
The UK corporate calendar has annual results from infection prevention products provider Tristel, There's also a trading statement from currency manager Record and, at 2230 BST, an operations review from Anglo-Australian miner BHP Group.
By Anna Farley; annafarley@alliancenews.com
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