Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

FTSE rises as Russia and Ukraine enter ceasefire talks

FTSE rises as Russia and Ukraine enter ceasefire talks

The FTSE 100 has risen as investors breathed a sigh of relief over the Ukraine crisis, as Russian and Ukraine foreign ministers met for talks in Berlin over a ceasefire.

The FTSE added 38 points, or 0.6%, to 6,727, regaining ground in lost in late trading on Friday as fears over Ukraine re-emerged amid reports a Russian armoured column that had entered the country was destroyed. However, Russia made no threat of retaliation, dismissing the reports as ‘fantasy’.

‘Confirmation from the Ukrainian president Petro Poroshenko that the Russian military vehicles that had crossed the border had been destroyed sent markets into a tail spin on Friday,’ said Jonathan Sudaria, dealer at Capital Spreads.

‘However, after the initial knee-jerk reaction, markets had begun to pare back the losses as traders shrugged off its impact but also questioned its legitimacy.’

The talks in Berlin produced agreement over Russia's controversial humanitarian convoy to Ukraine but no results over a ceasefire. However, parties to the talks have agreed to continue to prepare 'concrete proposals'. 

In a broad based rally of the market, only a handful of stocks were trading in negative territory. Tesco (TSCO) fell 0.6% to 246.5p and Reckit Benckiser (RB) traded 0.3% lower at £52.75.

Hargreaves Lansdown (HRGV) was the top performer, rising 2.4% to £11.06. The online stock broker has been one of the worst performers on the FTSE 100 this year, and was last week branded a ‘sell’ by analysts at UBS, prompting further falls.

EasyJet (EZJ) and International Airlines Group (ICAG) both rose 1.7%, to £13.11 and 338.1p respectively, as they benefited from a slide on the oil price, due to the easing of Ukraine tensions. Brent crude fell to close to $102 a barrel, with an increase in output from Libya and an easing of Iraq supply worries also sending the price lower.

Bovis Homes (BVS) was the top performing 'mid cap' stock, rising 5.2% to 843p as the house builder announced a 150% rise in half-year profits.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter