The FTSE 100 Index Opens 0.58% Higher

The FTSE 100 traded more than 0.5% higher on Monday, outperforming other European markets as gains in oil stocks and the index’s defensive characteristics supported sentiment. Shell and BP each rose around 1%, with Brent crude moving back towards $108 a barrel after Saudi Arabia closed a major crude pipeline following attacks, disrupting an alternative route to the Strait of Hormuz. A planned meeting between Iran and several Gulf nations on establishing a temporary shipping corridor through Hormuz was also postponed, adding to supply concerns. GSK gained more than 2.5% after positive clinical data for its lung-cancer drug Jideytro, while Legal & General rose around 1.5% after launching the second £600 million tranche of its share-buyback programme. AstraZeneca advanced around 1.8% despite a setback for its breast-cancer drug Etcamah, which failed to outperform standard treatment in a late-stage trial.

The FTSE 100 Index is picking up 61 points or 0.58 percent on Monday. Gains are led by Relx (4.32%), The Sage Group (4.30%) and Experian (3.41%). Biggest losers are Halma (-3.58%), Antofagasta (-2.40%) and International Airlines Group (-2.12%).

The FTSE 100 Index gained 36 points or 0.34 percent on Friday to close at 10645 points. Gains were led by Informa (2.04%), Howden Joinery (1.91%) and Natwest (1.73%). Biggest losers were London Stock Exchange (-2.66%), The Sage Group (-1.86%) and Burberry (-1.60%).