London’s prime index stages good recovery

The FTSE 100 staged a strong recovery on Friday as traders reversed much of the falls seen a day earlier after Russia invaded Ukraine.

London’s leading index closed the day up 282.08 points, or 3.91%, at 7,489.46 in the biggest single-day rise since November 2020 – a day that saw Pfizer announce its Covid-19 vaccine was 90% successful.

Traders appeared to believe the impact of international sanctions against Russia may not destabilise the economy and also noted that EU leaders were still wrangling over some of the details.

Just two companies saw shares fall out of the 100 listed on the FTSE 100 – Fresnillo and JD Sports – while the biggest risers included Russian-facing mining giants Evraz, up 19.5%, and Polymetal up 17%.

Both had fallen heavily on Thursday and failed to fully recover from those drops.