A rally in the oil and banking sectors helped the Ftse 100 index buck weakness in global markets and end last week in positive territory, as oil prices hit a seven-year high and the Bank of England raised rates last week to fight inflationary pressures.rose 0.7 per cent, recording its highest closing levels since March 2020.
The domestically focused mid-cap index climbed 0.4 per cent, after ending marginally higher last week.rose 0.5 per cent, as it named company insider Jennie Daly as its next chief executive officer, two months after one of its largest shareholders called for an outsider to lead Britain’s third-largest homebuilder.inched up 0.7 per cent after Bloomberg News reported that the consumer goods giant was considering options for its infant nutrition business, including a potential sale.
Mining stocks were among the top performers for the day, rising 1.7 per cent after positive comments from major commodity importer China pushed up metal prices. “[The European Central Bank] could, after all, decide to lift rates in 2022. Prior remarks by [ECB president Christine] Lagarde and her colleagues highlighted no lift-offs this year, but now that door is open,” said Charalambos Pissouros, head of research at JFD Group.
Still, Lagarde said on Monday that inflation pressures could subside before becoming entrenched in expectations, which would negate the need for drastic monetary policy changes., Europe’s largest copper producer, firmed up 3.2 per cent after confirming an 85 per cent rise in quarterly profit and reiterating higher full-year earnings estimates on solid metal prices and output.advanced 0.
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