U.K. stocks advanced on Wednesday, with energy stocks leading the surge as oil extended its relentless rally above $110 a barrel for the first time since mid-2014 on supply disruption fears.
The benchmark FTSE 100 climbed 58 points, or 0.8 percent, to 7,389 after declining 1.7 percent in the previous session.
BP plc surged 5 percent and Shell added 5.3 percent ahead of an OPEC meeting today to discuss production plans.
Miners Anglo American, Antofagasta and Glencore rallied 1-3 percent as prices of metals including nickel and aluminium rose following sanctions against Russia over its invasion of Ukraine.
Insurer Hiscox jumped 3.5 percent after it swung to a full-year pre-tax profit for 2021 and issued a positive outlook.
Housebuilder Persimmon surged 6 percent after it posted a 23 percent rise in annual profit.
In economic releases, U.K. house prices grew at the fastest pace in eight months in February driven by robust demand and limited stock of homes, the Nationwide Building Society reported earlier today.
House price inflation unexpectedly increased to 12.6 percent from 11.2 percent in January. This was the strongest since June last year. Economists had forecast the rate to ease to 10.7 percent.
On a monthly basis, house prices gained 1.7 percent, faster than the 0.8 percent rise posted in January. Prices were forecast to rise 0.6 percent.
FTSE 100 Rises As Oil Tops $110
2022-03-02 09:59:11
