Wealth Manager - the site for professional investment managers

Register to get unlimited access to 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 Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

This week Brewin Dolphin's head of research talks to Mike Riddell, fund manager at Allianz Global Investors, about the forces driving bonds markets in a tumultuous week for markets.

Play Henderson's Hermon: how to be defensive in smaller caps

Henderson's Hermon: how to be defensive in smaller caps

Hermon, who manages the Henderson Smaller Companies trust, talks about he will tackle a 'challenging' 2016.

Your Business: Cover Star Club

Profile: 'what we are doing at Mosaic is Darwinian'

Profile: 'what we are doing at Mosaic is Darwinian'

The changes in financial services over the last few years may leave some destitute warns Marco Sambucci of Mosaic Money Management

Wealth Manager on Twitter