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Market Report: Coronavirus vaccine update sparks FTSE 100 rally

Headlines from the Proactive UK newsroom.

The FTSE 100 rallied 60 points to 6,240 on COVID-19 vaccine hopes. US group Moderna’s early stage trial of a coronavirus vaccine proved safe and sparked some immune response.

UK inflation picked up to 0.6% led by demand for online computer games and clothing said the Office for National Statistics. Meanwhile, lots of chains are preparing to cut prices as the chancellor’s VAT cut kicks in.

Online clothing giant ASOS said revenues jumped 10% over the lockdown and is now looking towards strong profits growth over the current year. Its active customer base increase by 16% to 23mln.

Electrical goods retailer Dixons Carphone reported annual profits more than halved while revenues fell 3% to £10.2bn. The outcome undershot the company’s own forecast by around £44mln.

Burberry (LON:BRBY) unveiled further restructuring plans as it reported a 45% drop in like-for-like sales in its first quarter due to a reduction in luxury demand during the coronavirus pandemic. The fashion house said the decline eased to 20% in June.

Allergy Therapeutics’ (LON:AGY) earnings are likely to exceed expectations after a strong year. The hay fever vaccine specialist increased net revenues for the year to June by 6%.

AFC Energy PLC(LON:AFC) is getting into the zero-emission motorsport business by teaming up with Extreme E, the team behind FIA’s Formula E racing championship. Extreme E is planning a hydrogen-fuelled electric SUV rally racing series that is slated to launch in early 2021 with AFC to provide off-grid power.

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