BRUSSELS (dpa-AFX) - The U.K. stock market's benchmark index FTSE 100 climbed to a near 5-month high Monday morning amid easing concerns about geopolitical tensions following Iran and the U.S. pausing their strikes and paving the way for a fresh round of peace negotiations.
Oil prices tumbled after Iran and the U.S. paused military strikes over the weekend, paving the way for talks to avoid a return to full-scale war.
After the U.S. paused its strikes against Iran for a second night, Iran stopped conducting counterattacks. According to reports, Pakistan is exploring a path toward new U.S.-Iran talks over ending the conflict.
Brent crude futures slid to $84.91 a barrel, losing more than 8%.
The FTSE 100, which advanced to 19,831.70 earlier in the session, was up 54.68 points or 0.51% at 10,790.91 about a quarter before noon.
Vodafone Group jumped 4.5% after the telecom major said it expects full-year earnings to be at the upper end of guidance.
JD Sports Fashion climbed 4.3%, while Relx and Airtel Africa gained 3.8% and 3.7%, respectively.
The Sage Group, Pershing Square Holdings, AutoTrader Group, IAG, St. James's Place, Investec, BT Group, Burberry Group, Barclays, Whitbread and Entain gained 2%-3%.
AstraZeneca climbed more than 1.5% after reporting second-quarter profit ahead of expectations and backing its annual and long-term forecasts.
Land Securities, Experian, AstraZeneca, Rolls-Royce Holdings, LSEG, Marks & Spencer, GSK, Lion Finance, Computacenter and Intercontinental Hotels Group also moved up sharply.
Energy stocks BP and Shell tumbled 3.4% and 1.7%, respectively, weighed down by weak oil prices.
Glencore shed 2.25%. Centrica, SSE, Rentokil Initial and Imperial Brands also showed weakness.
In economic news, a report from the Confederation of British Industry said the CBI retail sales balance improved to -26 in July from -54 in June, well above market expectations of -45, signaling the smallest decline in UK retail sales in six months. The CBI said the sector continues to face headwinds from weak consumer confidence and elevated cost pressures, leaving the outlook subdued.
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