(Sharecast News) - The FTSE 100 put in solid gains on Monday, rising nearly 1%, as falling oil prices helped stocks recover after a sharp sell-off the previous session.
After a tentative start, London's benchmark index was up 0.95% at 10,760.36 by the midday mark, with travel and mining stocks providing a boost.
Oil prices fell again on Monday, down 2.5% at $101.25 a barrel ahead of the open in London - a level it has not settled below since 9 September - as concerns about supply disruptions in Saudi Arabia continued to ease.
The East-West pipeline, significantly damaged by air strikes in recent weeks and temporarily shut down, is expected to return to half capacity over the coming days, according to the latest reports.
"This is still more than 40% above pre-war levels and firmly in alarm-bell territory in terms of the inflationary pressures it is unleashing, but at least the trajectory is more favourable," said AJ Bell investment director Russ Mould.
Also bolstering the oil price were comments from US president Donald Trump, who said he would "probably be open" to a meeting with Iranian president Masoud Pezeshkian at the UN General Assembly in New York this week.
Trump was also in focus ahead of a scheduled summit with China's Xi Jinping this week, with the main talking points expected to be trade, AI and Iran.
"Hopes of improved relations between the world's two largest economies were boosted by US Treasury Secretary Scott Bessent describing weekend discussions with Chinese officials as successful. A meeting on Thursday between Donald Trump and Xi Jinping is likely to draw focus as investors look for a thawing in relations between Washington and Beijing," Mould said.
Miners, travel stocks gain
Antofagasta, Fresnillo, Metlen Energy & Metals, Glencore and Anglo American were all performing well as improving risk appetite lifted the mining sector.
Airline and travel stocks were also higher, including easyJet, Wizz Air, IHG and IAG, buoyed by the falling oil price. In contrast, oil majors BP and Shell tracked the price of oil lower.
Airtel Africa shares fell a further 5%, following Friday's 11% drop, on the back of reports that its Airtel Money arm was considering a smaller-than-expected initial public offering in London following investor feedback.
JD Sports Fashion inched higher after striking a deal with Grupo Axo - a move that will see it break into the Mexican market. The multi-brand retail distributor will operate more than 140 JD stores and e-commerce in the country under the franchise partnership, which is due to commence in 2027. Financial terms were not disclosed.
In other news, easyJet and Ithaca Energy both joined the FTSE 100 on Monday in the latest quarterly reshuffle, replacing Persimmon and Entain, which dropped into the FTSE 250.
Market Movers
FTSE 100 (UKX) 10,760.36 0.95%
FTSE 250 (MCX) 24,478.32 1.13%
techMARK (TASX) 6,182.05 0.99%
FTSE 100 - Risers
Metlen Energy & Metals (MTLN) 46.88p 6.15%
Antofagasta (ANTO) 3,810.00p 4.29%
Anglo American (AAL) 4,115.00p 3.89%
Lion Finance Group (BGEO) 14,140.00p 3.28%
Spirax Group (SPX) 7,120.00p 3.26%
Diploma (DPLM) 7,505.00p 3.16%
Weir (WEIR) 2,682.00p 2.83%
Rolls-Royce Holdings (RR.) 1,490.40p 2.76%
IG Group Holdings (IGG) 1,384.00p 2.76%
Burberry Group (BRBY) 1,020.00p 2.70%
FTSE 100 - Fallers
Airtel Africa (AAF) 304.80p -4.73%
Ithaca Energy (ITH) 288.40p -2.50%
Rentokil Initial (RTO) 317.90p -1.03%
BP (BP.) 552.90p -0.93%
Barratt Redrow (BTRW) 302.10p -0.88%
Sainsbury (J) (SBRY) 333.20p -0.66%
Centrica (CNA) 147.20p -0.64%
Relx plc (REL) 2,497.00p -0.40%
Diageo (DGE) 1,602.00p -0.19%
Shell (SHEL) 3,529.50p -0.18%
FTSE 250 - Risers
Raspberry PI Holdings (RPI) 585.25p 7.27%
Syncona Limited NPV (SYNC) 118.00p 5.73%
Discoverie Group (DSCV) 812.00p 5.73%
Elementis (ELM) 179.40p 5.53%
Victrex plc (VCT) 1,004.00p 5.24%
TP Icap Group (TCAP) 343.40p 5.02%
Softcat (SCT) 1,986.00p 4.96%
The Schiehallion Fund Limited NPV (MNTN) 2.21p 4.74%
Renishaw (RSW) 5,415.00p 4.54%
Rosebank Industries NPV (ROSE) 333.00p 3.74%
FTSE 250 - Fallers
Entain (ENT) 464.80p -2.50%
Diversified Energy Company (DI) (DEC) 1,024.00p -1.73%
HGCapital Trust (HGT) 404.00p -1.46%
Trustpilot Group (TRST) 219.60p -1.35%
CVS Group (CVSG) 1,288.00p -1.15%
WH Smith (SMWH) 373.20p -1.06%
Energean (ENOG) 794.00p -1.06%
Oxford Nanopore Technologies (ONT) 173.50p -0.86%
SDCL Efficiency Income Trust (SEIT) 36.20p -0.82%
WPP (WPP) 381.30p -0.81%
79.88 (0.75%)
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