London top indexes post stellar day on commodities boom

London top indexes staged a stellar day yesterday as investors poured into industrial stocks as commodity prices soared.

The capital’s premier FTSE 100 index climbed 1.36 per cent to 7,429.56 points, while the domestically-focused FTSE 250 index, which is more aligned with the health of the UK economy, advanced 1.34 per cent to 20,775.82 points.

Soaring energy and precious material prices lifted sentiment toward industrial giants, which represent an enormous share of London markets.

FTSE 100 listed Russian miner Polymetal International staged a small comeback against their torrid time since Moscow sent troops into Ukraine.

The latter finished the day the best performing share on the top index, rising over 18 per cent.

However, fellow Russian miner Evraz, which counts Roman Abramovich as a major shareholder, added to its woes, plummeting over 40 per cent to close rock bottom of the biggest fallers column.

However, surging oil prices led investors to pour into Shell and BP.

Both firms finished near the summit of the top risers table, adding 4.95 per cent and 4.84 per cent respectively.

Oil prices surged more than five per cent, with Brent Crude, one of the global benchmarks, topping $111 a barrel.

Yields on UK government debt ticked up in a sign investors are becoming more risk on.

The pound gained ground on the greenback, strengthening 0.36 per cent to buy $1.3369.