Home Commodities Commodity prices boost London shares; Melrose jumps on Ergotron unit sale

Commodity prices boost London shares; Melrose jumps on Ergotron unit sale


UK’s FTSE 100 opened higher on Monday following an extended weekend, led by gains in miners and oil majors on higher commodity prices, while jet and auto parts supplier Melrose Industries also jumped after agreeing to sell its Ergotron unit.

The blue-chip FTSE 100 index rose 1.0% by 0723 GMT, while the domestically-oriented FTSE 250 index advanced 1.2%.

Brent crude rose above $120 a barrel after Saudi Arabia hiked prices for its crude sales in July. Oil majors BP and Shell added 2.0% and 1.2%, respectively.

Prices of commodities including London copper leaped as relaxation of China’s COVID-19 lockdowns and stimulus pledges from authorities boosted sentiment.

British Prime Minister Boris Johnson will face a confidence vote by lawmakers in the governing Conservative Party later on Monday, the chairman of the 1922 Committee Graham Brady told lawmakers.

Nearly all sectors of the FTSE 100 were in the black, with the biggest boosts from homebuilders, miners and precious metals.

UK’s Melrose Industries Plc rose 3.3% after agreeing to sell its Ergotron unit to funds managed by U.S.-based the Sterling Group for $650 million.

UK markets were closed on Thursday and Friday for Queen Elizabeth’s Platinum Jubilee.

(Reporting by Anisha Sircar in Bengaluru; Editing by Rashmi Aich)


Source link

Previous articleEx-Love Hotel Janitor Becomes A Billionaire, Pandemic Recovery Boosts His Korean Travel Superapp
Next articleUS Hedge Funds Sue LME for USD456 Million Over Nickel Trading Halt


Please enter your comment!
Please enter your name here