Led by Gains in Commodity and Retail Shares, FTSE 100 Trades Higher
U.K. shares climbed on Monday with broad-based gains led by commodity shares and retailers. The stock benchmark index FTSE 100 added more than 0.6 percent after hitting an intra-day high at 7527.95 as gains were encountered by a strong British Pound.
All sectors gained on London Stock Exchange, led by oil and gas and consumer-goods shares. Miners Anglo American PLC and Rio Tinto PLC topped the market. While the former jumped 1.61 percent, the latter moved up 1.4%.
Retail shares recovered after a selloff in the previous session. Shares of J Sainsbury PLC and Marks & Spencer Group PLC jumped around 2 percent each.
The British pound held on gains on Monday. Investors are eagerly awaiting the start of Brexit negotiations between Britain and the European Union in Brussels on Monday, kicking off a two-year divorce process due to end by March 2019. Key subjects to be negotiated include how the U.K. will trade with the EU once it leaves the bloc and the status of EU nationals and Britons living elsewhere in the EU.
Buy Stop at 7515.00, Take profit at 7545.00, Stop loss at 7500.00