Lloyds up on share sale; Glencore & Footsie soar
Mon: Lloyds Banking Group rallied on news that the government will start selling its remaining stock to private investors in spring 2016. The shares were up 0.72p at 77.27p, just under 4p above the break even price.
Oil producers including Royal Dutch Shell, BP and BG Group, jumped as Brent and West Texas Intermediate crude rose 3.2% to $49.77 per barrel and 2.6% to $46.79 per barrel, respectively. Oil has jumped as tension in the Middle East are rising as Russia is backing the President in Syria.
Rolls-Royce rose after announcing plans to cut another 400 jobs in its marine business on top of the 600 job cuts already announced in May. Shares were up 24p at 728.5p.
Glencore surged 20p (21%) to 115p on reports that the struggling mining company is in talks to sell its agricultural business. Singapore´s sovereign wealth fund, Japanese trading house Mitsui & Co. and a Canadian pension fund are among the parties who had expressed an interest in the unit, Bloomberg reported.
Ivan Glasenberg, head of the indebted group on helped give the stock a further boost after he said he believes copper prices should rise as more companies cut back mine production.
The FTSE 100 soared on the improved outlook for commodities and lowered expectations of a US rate rise, up 169 points at 6,299.
The index is still down over 11% from an all-time high hit in April, and has taken its biggest quarterly fall since 2011.