The FTSE 100 index closed at 10,716.97 points, up 131.06 points or 1.24% on Wednesday. Precious metals mining stocks jumped 4.5%, the most among industry sectors, after gold prices hit a two-week high. Industrial metals mining stocks rose 1.9%, while energy stocks gained 1.4% as oil prices surged more than 3% on concerns that US-Iran tensions could disrupt energy supply routes. UK banking stocks added 1.7%, with HSBC shares up 2.1%. Investors are also watching the Bank of England's monetary policy meeting next week, where the market expects interest rates to be held steady and assigns a 72% probability to another rate hike by December.
HSBC Holdings PLCUK banking stocks rose 1.7%, with HSBC shares up 2.1%, likely due to sector-wide gains.