The FTSE 100 opened 91 points higher to 10,561 as the United States and Iran announced a peace deal that led to the reopening of the Strait of Hormuz, sending oil prices sharply lower. Brent crude futures fell 5.06% to $82.91 a barrel. US West Texas Intermediate (WTI) delcined 5.71% to $80.03 a barrel.
Meanwhile, the 10-year gilt yield has dropped by over six basis points to 4.77%. Over on the 30-year, yields are down over five basis points.
Antofagasta surged 6.85% to £4,321, while Fresnillo advanced 5.90% to £3,179. Endeavour Mining climbed 5.69% to £4,048, as investors showed renewed interest in mining stocks. Rolls-Royce Holdings moved higher, adding 5.09% to £1,374.60, while Halma gained 4.62% to £4,078. Persimmon rose 4.32% to £1,087.50.
On the downside, Shell fell 4.10% to £3,088.50, while BP slipped 3.97% to £513.30 amid weakness in the energy sector. United Utilities Group declined 0.99% to £1,301, and SSE edged lower by 0.96% to £2,377. BAE Systems backed 0.79% to £1,896, while Severn Trent slipped 0.41% to £2,914.
BBC is set to cut hundreds of jobs across its core news division next week as part of wider plans expected to result in about 2,000 total job losses and save hundreds of millions of pounds, the Financial Times reported Monday, citing people close to the situation.
Peel Hunt swung back from a loss in its latest-full year results after reporting a record performance and revenue growth.
The investment bank witnessed a 57.1% year-on-year increase in revenue to £143.5 million, up from £91.3 million. Profit before tax soared to £21.1 million, as the firm recovered from a loss of £3.5 million the prior year.
Investment banking revenue jumped from £31.5 million to £67.1 million, driven by an “exceptional M&A performance” and evolving client base.
Frasers Group has launched a £166 million takeover bid of Australian shoe company Accent. The fashion giant has offered to buy all of the shares in Accent it does not already own for 65 Australian cents per share, valuing the offer at A$136 million (£166 million).
Frasers already owns 22.9% of shares in Accent and is its biggest shareholder. Shares in Australian-listed Accent boomed on news of the offer, jumping nearly 14% to 74 Australian cents, well above the offer tabled by Frasers.
This latest play by the fashion group comes after it launched a €2 billion bid for German luxury brand Hugo Boss last week.
Also Read: Stock Market Today: Sensex Jumps 1,207 Points, Nifty50 Nears 24,000 After Oil Prices Drop
Ahead of the bell on Wall Street, futures tied to the Dow Jones Industrial Average added 440 points, or around 1%, while S&P 500 futures also climbed 1% and Nasdaq 100 futures rose 1.8%.
In Asia, Japan’s Nikkei 225 closed up 3,297.46 points or 4.99% at 69,317.50. South Korea’s Kospi index ended the session up 419.8 points or 5.17% at 8,543.42. In India, the Nifty 50 increased 1.5%, while Hong Kong’s Hang Seng inched up 0.4%.
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