London: FTSE 100 rises after Friday's rout

[BENGALURU] London's FTSE 100 rose on Monday after its worst session in more than a year as investors kept a wary eye on the developments around the newly detected Omicron coronavirus variant, while BT Group jumped following a report of takeover interest.

The FTSE 100 gained 1.1 per cent by 0805 GMT after virus worries knocked 3.6 per cent off the blue-chip index on Friday.

BT Group surged 9 per cent after the Economic Times reported Indian oil-to-telecoms conglomerate Reliance Industries Ltd was considering an offer to buy the telecom company.

Oil majors BP and Royal Dutch Shell added 3.1 per cent and 2.5 per cent respectively, as crude prices jumped back from their lowest in more than a year with investors looking for bargains and on speculation that OPEC+ may pause an output increase.

Miners gained 1.7 per cent as metal prices recouped some of last week's losses.

The domestically focused mid-cap index advanced 1.1 per cent, also recovering from its worst sell-off this year, with travel stocks Wizz Air and Carnival among the best performers.

Subprime lender Amigo Holdings slumped 29 per cent after it said it expected court proceedings over its new rescue plan to take at least four months, and its board concluded that there was a material uncertainty over the company's status as a going concern.

REUTERS