Stock markets have jumped on hopes of a potential breakthrough in the search for a vaccine against Covid-19.
Drugs firm Pfizer said that preliminary analysis indicated that its coronavirus vaccine was 90% effective.
In response, the UK’s FTSE 100 share index jumped more than 5%, with similar gains seen on other European indexes.
Travel firms – which have been hit hardest by the pandemic – saw the biggest gains, with British Airways owner IAG soaring 26%.
Elsewhere in the sector, EasyJet shares rose 26% while aero-engine maker Rolls-Royce surged 45%.
Another sector of the economy that has been hit hard by coronavirus is hospitality, and catering firm Compass Group saw its shares rise more than 40%.
However, some of the companies that have been in demand during the crisis lost some of their allure for investors.
The trend towards online shopping accelerated during the pandemic. But with hopes of a successful vaccine, shares in grocery delivery firm Ocado dropped more than 9% while takeaway ordering firm Just Eat fell more than 7%.
Drugmakers have been racing to be the first to develop a successful coronavirus vaccine.
If authorised, the number of doses will be limited initially. Many questions also remain, including how long the vaccine will provide protection.
