FTSE 100 Rises to 8-Week High

The FTSE 100 rose 0.7% on Monday, reaching its highest level since April 20, after the US and Iran agreed on an interim deal aimed at reopening the Strait of Hormuz and ending the conflict. The agreement is expected to pave the way for 60 days of negotiations over Iran’s nuclear programme, one of the key issues preventing a broader resolution. Most sectors traded higher, with mining stocks leading gains as gold and copper prices advanced. Antofagasta, Fresnillo and Endeavour jumped between 5.7% and 6.6%, while Anglo American gained more than 3%. Bunzl shares climbed 3% after activist investor Elliott revealed a stake of nearly 5% in the UK distribution group. In contrast, energy stocks came under pressure as expectations of improved oil flows weighed on crude prices, with Shell and BP both falling more than 4%.

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