Market report

Scottish Mortgage leads London stocks higher

Tesla
Scottish Mortgage is a big investor in Tesla

London equities edged into positive territory at the close led by Edinburgh-based Scottish Mortgage Investment Trust, up 3.7%, or 25.8p, to 715.8p.

The trust has had a topsy-turvy year that has seen its net asset value fall by 15% in the six months to September while its shares are down nearly 48%.

It invests in tech stocks such as Tesla and the vaccine drug Moderna and the uplift pointed to faith in the sector’s resurgence.

Analysts believe tech investments, which have also suffered a turbulent year, could be on the cusp of a renewed surge in value.

The tech-laden Nasdaq was up by 1.77% in early trade on Wall Street, with Tesla up 8.1%. 

The FTSE 100 closed 15.53 points higher at 7,512.72.

China ending its zero-Covid policy was seen as bullish for the global economy, but analysts said the impact is likely to take some time to filter through.

From 5 January the US will require negative Covid tests from all air travellers from China, saying Beijing is not sharing enough information about the surge in coronavirus cases there, health officials announced.

Sentiment remains mixed, with the UK indicating it may join the US and other countries in imposing measures on people arriving from China.

Sterling was quoted at $1.2032 early Thursday, against $1.2029 at the London equities close on Wednesday.



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