FTSE 100 surges on oil rebound
British stocks have been being soaring for two days because a post-Doha rebound in crude prices as well as upbeat corporate updates powered the markets.
The FTSE 100 index closed +0.3%, trading at 6,373.82 – its highest closing value since December.
Resource companies appeared to top the benchmark, rebounding after Monday’s volatility, when oil prices dived after unsuccessful negotiations in Doha.
Nevertheless, on Tuesday, oil recovered, showing a 1.7% surge at $40.45, while Brent closed +1.9% at $43.77.
Meanwhile, stocks of BP PLC closed +1.6%, Royal Dutch Shell PLC gained 0.7%. Additionally, outside the major index Tullow Oil PLC surged 4.3%.
Apart from that, mining companies also reported solid revenues, because metals grew across the board. Stocks of Anglo American PLC closed +4.1%, Glencore PLC surged 3.1%, while Fresnillo PLC ended up +3.9%.
Rio Tinto PLC managed to acquire 2.7%, when the mining giant told global iron shipments edged up 11% in the first quarter, but still 12% lower than the previous quarter due to seasonal factors.