Markets: FTSE 100 climbs to its highest in five months

Spurred on by commodity stocks, the FTSE 100 built on Friday’s gains to close up 1.3% at 6,872, its highest close since September.

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  • FTSE 100 up 1.3% to 6,872
  • Gold down 1.1% to $1,260.42/oz
  • £/$ - 1.5166

Miners and energy stocks were among the best performers. Glencore led the sector up with a 6.4% gain, while Royal Dutch Shell added 5.4% and Antofagasta rose 5.1%. Despite a 20% fall in annual profits, BP gained 3%.

In European markets, the Paris CAC 40 rose 1.9% to 4,677, and the German Xetra Dax rose 0.6% to 10,828.

In the US, the Dow Jones Industrial Average added 1.8% to 17,666, the S&P 500 gained 1.4% to 2,050, and the Nasdaq Composite was 1.1% higher at 4,727.

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Overnight in Japan, the Nikkei 225 rose 2% to 17,678, and the broader Topix index added 1.8% to 1,417. And in China, the Shanghai Composite and the CSI 300 each fell 1% to 3,174 and 3,401 respectively.

Brent spot was trading at $57.47 early today, and in New York, crude oil was at $52.12. Spot gold was trading at $1,266 an ounce, silver was at $17.31 and platinum was at $1,237.

In the forex markets this morning, sterling was trading against the US dollar at 1.5148 and against the euro at 1.3235. The dollar was trading at 0.8737 against the euro and 117.36 against the Japanese yen.

And today, Eastern European airline Wizz Air says it intends to list on the London Stock Exchange this year, raising €150m in the process. The company, based in Hungary, made a profit of €158m in the last six months, up by 45% against the same time last year.

David Stevenson, former MoneyWeek writer and director of The Fleet Street Letter, believessilver could be about to start a record climb. Click here(capital at risk)to read about the three irresistible forces David believes could push the price of silver through the roof.

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