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* Banks lead gains
* Taylor Wimpey up after naming new CEO
* FTSE 100 up 0.8%, FTSE 250 adds 0.4%
(Updates to close)
By Sruthi Shankar
Feb 7 (Reuters) - Britain's main equity index rose on
Monday, led by banking stocks as investors continued to bet on
rising interest rates globally, while stronger commodity prices
lifted mining shares.
The blue-chip FTSE 100 index rose 0.8%, with HSBC
, Barclays and Lloyds Group up about
2% each, extending last week's winning run.
Miners Anglo American and Rio Tinto provided
the biggest boost, as aluminium prices in China jumped 3%, while
Shanghai steel and iron ore futures also rose on hopes of
economic stimulus.
A rally in oil and banking sectors helped the FTSE 100 index
buck weakness in global markets and end last week in positive
territory, as oil prices hit a seven-year high and the Bank of
England raised rates last week to fight inflationary pressures.
Oil major Shell gained 1.2% after multiple
brokerages raised price targets, BP rose 0.7% recording
its highest closing levels since March 2020.
"A low tech exposure, high energy/resources and large cap
weighting has insulated the UK equity market from the worst of
the January global rout," Jefferies analysts wrote in a note.
"Whilst cost pressures both at the consumer and corporate
levels are hurting headline confidence and margins, the
underlying data points are much more bullish."
The domestically-focussed midcap index climbed 0.4%,
after ending marginally higher last week.
Taylor Wimpey rose 0.5%, as it named company insider
Jennie Daly as its next chief executive officer, two months
after one of its largest shareholders called for an outsider to
lead Britain's third largest homebuilder.
Reckitt Benckiser inched up 0.7% after Bloomberg
News reported that the consumer goods giant was considering
options for its infant nutrition business, including a potential
sale.
(Reporting by Sruthi Shankar and Amal S in Bengaluru; Editing
by Sherry Jacob-Phillips, Rashmi Aich, William Maclean)
