UK firms saw shares lift higher on Monday as European trading was boosted by the withdrawal of some Covid-19 curbs in Asia.
UK firms saw shares lift higher on Monday as European trading was boosted by the withdrawal of some Covid-19 curbs in Asia. Stocks also performed well amid cautious trading on the pound ahead of the Prime Minister’s confidence vote on Monday evening. The FTSE 100 ended the day up 75.27 points, or 1%, at 7,608.22 points
The pound decreased by 0.12% against the dollar to 1.254, but increased 0.02% against the euro to 1.171. Michael Hewson, chief market analyst at CMC Markets UK, said: “European markets have got off to a solid start to the week after a positive lead from Asia markets which were boosted by the continued relaxation of restrictions in Chinese cities, which for over two months have acted as a brake on sentiment.
“This optimism has played out in the form of outperformance in basic resources, while oil prices have also edged higher after Saudi Arabia raised prices to Asia markets, having announced it would be raising output by around 648,000 barrels a day from July.
