Investors kicked off the week with strong risk appetite, boosting London’s top indexes.
The capital’s premier FTSE 100 index climbed 0.89 per cent to 7,272.79 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, added 1.23 per cent to reach 19,359.73 points.
The bullish start to the week follows a strong 5-day period for both the FTSE 100 and 250.
Both indexes finished higher last week helping to offset losses caused by investors globally ditching shares due to mounting recession fears and central banks raising interest rates.
Industrials, which have performed well amid this year’s market volatility primarily caused by commodity prices soaring, were among the best performers on the FTSE 100.
Miners Glencore, Rio Tinto and Antofagasta each jumped more than 2.75 per cent.
Oil prices are trading way above $100 a barrel, boosting sentiment toward raw material suppliers.
Yields on UK government edged higher in a sign traders are ditching safe haven assets. Price and yields move inversely.
The pound gained ground on the greenback, strengthening 0.44 per cent to buy $1.2317.
Just seven stocks on the FTSE 100 posted losses during the opening session.
A string of closely watched data published this week may spark a sell-off from investors later this week.
Fresh European inflation figures published on Friday are forecast to jump even higher above the highest level since the creation of the euro in 1999.
New US GDP numbers are also released on Wednesday. Investors will be looking for signs of a cooldown in activity as precursor for a recession later this year.
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