London's FTSE 100 opened higher on Tuesday as oil majors surged on an imminent end to the United States' Iran sanction waivers, while tour operator Thomas Cook jumped after a report that several bidders were interested in its assets.
The FTSE 100 rose 0.2% to hit a fresh 6-month high, while the FTSE 250 had eased 0.1% by 0717 GMT.
Shell and BP boosted the main index, rising 1.9% and 1.6% respectively, as oil prices surged on anticipation of tightened supply after the U.S. said all Iran sanction exemptions would end by May.
Airline stocks took a hit from the higher oil prices, however. Easyjet fell 2.8% and British Airways-owner IAG shed 1.9% on the main bourse, while Wizz Air lost 2.8% on the mid-cap index.
Precious metals miner Fresnillo slipped 3.5% as gold prices fell on the back of a stronger dollar and after BMO downgraded the stock on Monday.
Small-cap Thomas Cook leapt 14% after a Sky News report that the world's oldest tour operator was tentatively approached by several parties regarding a takeover of its tour operating division or the entire company.
However, investors were cautious as they returned from the Easter holiday amid concerns that China may tone down its stimulus measures following unexpected signs of recovery from first-quarter economic data last week.
Miners, as well as Asia-exposed heavyweight HSBC, fell. (Reuters)
Source: www.businessworld.ie
