The FTSE 100 Index Opens 2.49% Higher

The FTSE 100 Index is up by 258 points or 2.49 percent on Wednesday. Top gainers are Antofagasta (12.17%), Easyjet Plc (10.75%) and Fresnillo (9.96%).

The FTSE 100 surged more than 2.5% on Wednesday, reaching its highest level since March and approaching February’s record highs, after the US and Iran agreed to a two week ceasefire just hours before President Donald Trump’s deadline expired, boosting hopes of de-escalation in the Middle East. The agreement triggered a strong shift into risk assets, while oil prices tumbled sharply, with Brent and WTI both falling below $100 per barrel and down around 15% on the news. Energy majors lagged, with BP dropping 8% and Shell down 6.3%, despite the latter reporting significantly stronger oil trading results. Gains were broad based elsewhere, led by Antofagasta up over 13%, EasyJet and Fresnillo rising more than 10%, and Rolls Royce and Anglo American up around 9 to 10%. Banks also rallied strongly, with Barclays, Lloyds, HSBC and NatWest posting solid gains, while AstraZeneca, GSK, Unilever and Rio Tinto moved higher.

The FTSE 100 Index dropped -87 points or 0.84 percent on Tuesday to close at 10349 points. Losses were led by Compass (-99.01%), Melrose (-3.70%) and 3i (-3.61%). Offsetting the fall, top gainers were Games Workshop Group (3.29%), WPP (3.07%) and JD Sports Fashion (2.04%).