London’s FTSE 100 was up 0.5% at 7,440.15 in afternoon trade on Monday.
Copper miner Antofagasta was the standout riser on the index after it agreed with Barrick Gold and the governments of Pakistan and Balochistan to exit the Reko Diq project.
Others miners were also firmer as metals prices advanced, with Anglo American, Glencore and Rio Tinto all up.
Oil giants Shell and BP gushed higher as oil prices jumped. Victoria Scholar, head of investment at Interactive Investor, said: “Oil prices have jumped more than 3% with WTI inching closer to resistance at $110 a barrel. This month has seen the sharpest oil market volatility since 2020 at the height of the pandemic, when the commodity became technically worthless.
“Monday’s sharp rally is being driven by ongoing constrained supply from OPEC+, a stalemate in peace talks between Russia and Ukraine, a potential Russian oil embargo from the European Union and a Houthi attack on a Saudi energy terminal, all exacerbating an existing imbalance between supply and demand in the market.”
On the downside, online supermarket Ocado was the biggest loser, while investment platform Hargreaves Lansdown was in the red after a downgrade to ‘underperform’ at Jefferies.
FTSE 100 – Risers
Antofagasta (ANTO) 1,728.00p 6.21%
Anglo American (AAL) 3,856.50p 4.67%
BP (BP.) 375.05p 4.06%
Shell (SHEL) 2,020.00p 4.03%
Airtel Africa (AAF) 147.80p 3.36%
Rio Tinto (RIO) 5,780.00p 2.83%
Glencore (GLEN) 491.40p 2.54%
Prudential (PRU) 1,093.50p 2.34%
BT Group (BT.A) 181.95p 2.25%
AstraZeneca (AZN) 9,659.00p 1.29%
FTSE 100 – Fallers
Ocado Group (OCDO) 1,131.00p -4.88%
Flutter Entertainment (CDI) (FLTR) 9,144.00p -4.67%
Hargreaves Lansdown (HL.) 1,035.00p -3.54%
Aveva Group (AVV) 2,521.00p -3.45%
Entain (ENT) 1,664.00p -3.40%
Spirax-Sarco Engineering (SPX) 12,630.00p -3.37%
Intermediate Capital Group (ICP) 1,711.50p -2.98%
JD Sports Fashion (JD.) 147.15p -2.58%
Melrose Industries (MRO) 129.10p -2.57%
Smurfit Kappa Group (CDI) (SKG) 3,485.00p -2.54%
