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The FTSE 100 rose 1.6% on Tuesday, snapping a three-day losing streak as declining oil prices improved investor sentiment. Crude prices fell on expectations that major economies might tap strategic reserves if needed, alleviating some of the supply concerns stemming from the conflict in Iran.
Mining stocks led the advance. Precious metals producer Fresnillo jumped more than 7.5% after six straight sessions of declines, while Endeavour Mining gained over 3%. Copper producer Antofagasta climbed more than 6%, joined by Anglo American in the sector’s broad rally.
Banks also delivered strong performances, with HSBC Holdings, Barclays and Lloyds Banking Group all rising between 2% and 5%. Rolls-Royce staged a sharp recovery, adding more than 5% after losing over 9% across the previous three sessions. Housebuilder Persimmon gained more than 5% as well, supported by a report of higher annual sales and profits.
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By contrast, energy stocks lagged. Shares in Shell and BP fell, pressured by the drop in oil and gas prices.
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