U.K. stocks advanced on Tuesday, with commodity-linked stocks leading the surge after China relaxed its COVID-19 quarantine mandate.
The relaxation of the country’s ‘zero-COVID’ policy came after Beijing and Shanghai reported no new local COVID-19 infections for the first time in months.
The benchmark FTSE 100 rose 83 points, or 1.2 percent, to 7,341 after climbing 0.7 percent on Monday.
Anglo American, Antofagasta and Glencore rallied 1-3 percent as iron ore futures gained on optimism over improved demand from China, the world’s second-biggest economy and top metals consumer.
Oil & gas firm BP Plc and Shell both jumped around 3 percent after Brent crude prices rose above $116.2 per barrel.
Energy services firm Petrofac gained nearly 4 percent. The company said it expects revenue for its Asset Solutions unit to be higher in the second half of the year, supported by strong order intake in the year to date.
FTSE 100 Extends Gains As Commodities Surge
2022-06-28 09:28:58
