12.10.202607:31:04UTC+00FTSE 100 Extends Gains for 2nd Session

The FTSE 100 rose more than 0.5% on Monday, extending a 1.1% gain from the previous session, in step with broader European markets as oil prices continued to decline. Investors weighed still-resilient oil supply from the Middle East against mounting regional tensions and a US assertion that Russia and Ukraine had reached an energy ceasefire. Banking stocks led the advance, with HSBC and Standard Chartered each climbing nearly 2%, while Lloyds Banking Group and NatWest added more than 1%. AstraZeneca also gained over 0.5%, even after reporting that its experimental therapy efzimfotase alfa did not achieve statistical significance in a late-stage trial in adolescents and adults with hypophosphatasia, a rare bone and muscle disorder. The head of Alexion, AstraZeneca’s rare-disease unit, nonetheless expressed confidence that the drug could still obtain regulatory approval. By contrast, energy majors BP and Shell underperformed the wider market, pressured by the drop in crude prices.