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FTSE 100 heads for best session in 10 days

FTSE 100 heads for best session in 10 days
FILE PHOTO: A broker reacts on the IG Index the trading floor in London, Britain February 6, 2018. REUTERS/Simon Dawson -
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SIMON DAWSON(Reuters)
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(Reuters) – Sharp rises in oil company shares drove Britain’s FTSE 100 higher on Monday, after an attack on a Saudi oil facility by Yemeni separatists pushed crude prices higher, while Asia-exposed banks gained following moves by China to keep business interest rates low.

By 0710 GMT, the FTSE 100 <.FTSE> had jumped nearly 1%, its biggest one-day rise in more than 10 days, while the midcap index <.FTMC> was 0.6% higher.

Shell <RDSa.L> and BP <BP.L> both rose 1.5%, tracking a surge in crude prices following a drone attack by Yemen’s Houthi group on an oilfield in eastern Saudi Arabia on Saturday, which caused a fire at a gas plant and added to Middle East tensions.

Miners and Asia-exposed financial heavyweights, led by HSBC <HSBA.L> with a near 2% rise, also offered support after China’s central bank announced a set of reforms to help lower borrowing costs for companies and support an economy that has been bruised by the trade war with the United States.

(Reporting by Muvija M and Shashwat Awasthi in Bengaluru; editing by Patrick Graham)

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