British Stocks Rise to Near All-Time High as Shell Surges on Oilby
U.K. shares closed just 0.1 percent away from a record, amid surges in energy and commodity producers after President Vladimir Putin said Russia is ready to OPEC in limiting oil production.
Royal Dutch Shell Plc climbed 2.8 percent, while BP Plc advanced 1.7 percent as crude climbed. Miners BHP Billiton Ltd. and Rio Tinto Group gained more than 2 percent. The moves pushed the FTSE 100 Index up 0.8 percent, erasing a slide of as much as 0.3 percent.
U.K. equities have become this year’s best performers in the developed world, thanks to a tumbling pound and a recovery in commodities. The FTSE 100 has rallied 14 percent in 2016, closing just points away from the record it reached in April 2015.
Among stocks falling, EasyJet Plc, which sank to its lowest price since 2013 on Friday, dropped another 2.3 percent after Societe Generale SA recommended selling the shares. Housebuilders including Persimmon Plc and Taylor Wimpey Plc dropped more than 2.6 percent after a Whitman Howard analyst said Knight Frank results offer further sign of blows to the Central London property market. Barclays Plc, Lloyds Banking Group Plc and Royal Bank of Scotland Group Plc slipped after Citigroup Inc. said the firms’ capital levels may get hit because of their exposure to defined benefit pension liabilities.
The FTSE 250 Index of mid-cap shares and the FTSE Small Cap excluding investment trusts index were little changed on Monday, while the regional Stoxx Europe 600 Index rose.