LONDON: Shares of banks, oil and travel companies soared on Monday after Pfizer said its experimental COVID-19 vaccine was more than 90per cent effective, prompting investors to shift bets to beaten-down cyclical names from stay-at-home winners.
"It's a game-changer because the possibility of a vaccine makes it possible to envisage reopening the economy in 2021 and a strong and sustainable recovery", said Emmanuel Cau, head of European equity strategy at Barclays. Europe's banking index , plagued by low interest rates and the fear of widespread defaults in the corporate world, made its biggest one-day jump since the European sovereign debt crisis in 2011, gaining 10.9per cent.French banks Societe Generale and BNP Paribas led the way, up 18per cent and 14.5per cent respectively.European airlines, hard hit by travel restrictions induced by the pandemic, rallied hard, with BA owner IAG , rising close to 40per cent.
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