StockMarketWire.com - UK stocks closed firmly higher on a positive day for equities marked by optimism over potential Covid-19 treatments and vaccines and the scale of the economic recovery in China.

By the close the FTSE 100 was up 1.3% at 6,176.19.

The S&P 500 joined in with the positive trading following gains for Asian markets overnight and strength elsewhere in Europe through the course of Monday. By 4.30pm UK time the S&P 500 was up 1.4% to 3,229.22 as the second quarter earnings season for American businesses gets underway.

Having initially fallen at the market open, fashion retailer Quiz traded 3.2% ahead at 7p despite announcing it was investigating claims that workers at a supplier factory in Leicester were being paid below UK minimum wages.

Quiz's announcement comes after shares in rival retailer Boohoo were hammered last week by similar revelations about suppliers in Leicester. On Monday, Boohoo slid another 17.8% to 230.1p.

Lighting and wiring group Luceco soared by 16.1% to 118.4p after saying that full year operating profit would be materially ahead of market expectations.

Security group G4S also said its half year results would be significant above market consensus, helping to drive its shares 10.5% higher to 132p.

Low-cost carrier Wizz Air nudged ahead 0.5% to £33, having announced that its new joint venture in Dubai would start operations from the beginning of October.

Self-storage company Big Yellow was up 0.7% to 996.5p after agreeing to acquire a site in London for £18.6m.

Paris-based diagnostics group Novacyt traded 1.7% higher at 272p on announcing that it would post a large rise in first-half revenue following the successful launch of a test kit for Covid-19.

Security solutions group Westminster slipped 3.8% to 9.24p after saying it expected to deliver a 'much-improved' financial performance in the first half, on the back of a 24% rise in revenue.

Subprime lender Morses Club leapt 10.2% to 56.2p as it launched a remote lending process for new home collect credit customers, allowing access to those customers for the first time since lockdowns began in March.

Clean technology company Verditek rallied 6.1% to 11.25p after it won work worth more than €0.2m from Black Tulip Minerals in Peru, marking its first contract win in the mining sector.

Nanomaterials developer Nanoco jumped 2.9% to 18.88p, having signed up a US litigation financing specialist as it pursues a patent infringement lawsuit against various Samsung entities.


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