London’s equities markets moved higher on Monday as rising oil prices boosted the heavily-weighted energy sector. The FTSE 100 started the session 0.3 percent higher at 5,288.6 and the FTSE 250 rose by the same margin to 7,646.7. BP rose 2.5 percent to 629.0p and Royal Dutch Shell was 1.6 percent higher at £18.33. Other energy stocks also made gains, BG Group was 1.8 percent stronger at 492.5p, Burren Energy was 0.7 percent stronger at 765p and Tullow Oil was 1.8 percent higher at 232.3p.
Man Group, the hedge fund operator, denied that it was preparing a bid to acquire Refco, its US peer teetering on the brink of collapse after a cash crisis, following weekend press reports that the FTSE 100 constituent was considering buying part of the American company. Shares in Man started the day up 0.9 percent at £15.56.
Uncertainty over tomorrow’s inflationary figures controlled the U.K. fixed income market today. As a result the yield on the benchmark 10-year gilt fell 2 basis points to 4.39 and its price, which moves inversely to the yield, rose to 102.85.