FTSE 100 Rallies As Retailers Surge

U.K. stocks traded sharply higher on Monday as fears of a wider Middle East conflict ebbed.

The benchmark FTSE 100 was up 107 points, or 1.4 percent, at 8,003 after edging up 0.2 percent on Friday.

Retail stocks traded higher after positive comments from RBC Capital Markets.

Marks & Spencer rallied 3.3 percent, Ocado, jumped 5.5 percent and Sainsbury added 3.8 percent.

Tesco climbed 2.8 percent after launching the first tranche of the £1 billion share buyback it promised at its results.

Tyman shares soared 30 percent. The doors and windows supplier has agreed to be bought by US metal window and door manufacturer Quanex in a £788m cash and stock deal.

Hipgnosis Songs Fund surged 9.7 percent as Blackstone made a potential offer to buy the troubled music rights investor for about $1.5 billion.