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Market Report: Biden reveals $1.9tn coronavirus stimulus package

FTSE 100 continued its recent seesaw with disappointment over US stimulus measures and concern over new coronavirus strains sending London lower Again. The blue-chip index dropped 44 to 6,757.

Investors reacted coolly to US President-elect Joe Biden’s keenly anticipated US$1.9tn (£1.4tn) stimulus plan to revive the US economy. The debt-funded plan includes a payment of US$1,400 for all Americans but some economists, believes it might be a struggle getting the package approved. 

Britain’s economy, meanwhile, shrank by 2.6% in November as the impact of the more coronavirus restrictions took its toll. The economy had grown in each of the previous six months.

(LON:BATS) American Tobacco PLC has been told by the UK Serious Fraud Office that it will be taking no action over its corruption investigation. The SFO opened a formal investigation in 2017 into possible historic misconduct by the cigarette maker in Africa.

Among the small caps, Oracle Power PLC’s (LON:ORCP) consortium partner China Coal has begun preliminary feasibility work on the Thar project in Pakistan. The focus will be coal-to-gas for urea, coal-to-liquids and other applications in Pakistan. 

Financial services specialist Alpha Growth PLC (LON:ALGW) said its fund produced a return of 10.63% in 2020. This is its first year of operation for the fund.

ReNeuron PLC (LON:RENE) has completed dosing of the first group of patients in its phase IIa extension study for its new degenerative eye disease therapy. Data is expected later this year said the stem cell specialist.

Quick facts: British American Tobacco PLC

Price: 2584.5 GBX

Market: LSE
Market Cap: £59.29 billion

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