Shares of the FTSE 100 gained on Monday despite setbacks in Europe, thanks to the performance of its natural resources sector.
The index ended the day up 57.05 points at 7442.39, up 0.8%, making it the sixth rise in seven sessions.
Oil prices rose about 6% to 114.45 per barrel of Brent. That helped push shares of the UK’s two biggest oil giants, BP and Shell, up more than 3%.
The companies were joined by other national resource giants Rio Tinto, Antofagasta, Anglo American, Polymetal and Glencore, all among the top risers on the FTSE.
They were the main reason the FTSE avoided declines seen in Europe, with the Dax in Frankfurt and the Cac 40 in Paris both closing down 0.6%.
“It was a lackluster start to the week for European markets, with rising oil prices helping to boost the FTSE 100 on the back of decent gains for BP and Shell, pushing the index to its highest levels since the 2 March,” CMC said. Market analyst Michael Hewson.
“Sentiment around events in Ukraine continues to keep markets on edge after the Ukrainian government rejected an ultimatum from Russia to surrender the port city of Mariupol or face the consequences.
Shares of Ted Baker continued their recent rally, with another solid day of gains on speculation that an offer may well be forthcoming from US private equity firm Sycamore, which was considering making a cash offer for the company. business at the end of last week.”
On Wall Street, the S&P 500 had gained 0.2% and the Dow Jones was down 0.4% shortly before European traders headed home for the day.
The pound gained 0.02% against the euro, buying 1.1953 at the end of the day. He could also buy 1.3197 US dollars, down 0.02%.
In company news, PZ Cussons, the maker of many soaps, has bought Childs Farm, a skincare brand for babies and children.
Shares of the company rose 1.1%.
On a good day for miners, Antofagasta was the top performer after revealing she would quit a project in Pakistan that was the subject of a dispute with the government.
A World Bank tribunal had fined the country billions of pounds over the project, which has been on hold since 2011, but the fine was waived under the new deal.
Antofagasta shares rose 8.1% on Monday.
Barclays shares fell 1% on a day the company was criticized by the competition watchdog for a list of failures.
The biggest risers in the FTSE 100 were Antofagasta, up 131.5p at 1,758.5p, Airtel Africa, up 9p at 152p, Anglo American, up 225.5p at 3,910p, Shell, up 78.7p to 2,020.5p, and BP, up 14.6p. at 336.6p.
The biggest decliners were Ocado, down 92p to 1,097p, Flutter Entertainment, down 344p to 9,248p, Intermediate Capital Group, down 62p to 1,702p, Entain, down 57p to 1,666p, and Spirax-Sarco, down 375p to 12,695p.