Business

FTSE 100 rebounds after sell-off

Trader in London Image copyright Getty Images

Shares rose on Monday as investors welcomed a cooling in rhetoric between the US and North Korea.

The UK market had fallen sharply at the end of last week as tensions appeared to escalate, with Donald Trump saying the US military was "locked and loaded" to deal with North Korea.

But at the close, the FTSE 100 was up 43.93 points or 0.6% at 7,353.89.

On a quiet day for company news, broker recommendations were behind some of the biggest changes.

Travel firm Tui was the biggest riser on the FTSE 100, up 4.8% after Credit Suisse changed its rating on the stock to "neutral" from "underperform".

Financial and mining stocks - which saw some of the biggest losses last week - were also on the up as sentiment among investors improved. Standard Chartered rose 2.1% and mining giant Glencore added 3.1% while insurer Prudential was 1.4% higher.

"European equity markets appear to have left the fears of late last week behind, with investors coming out of their defensive positions to move back into riskier assets," said Joshua Mahony, market analyst at IG.

On the currency markets, the pound fell 0.22% against the dollar to $1.2982 and was up 0.09% against the euro at 1.1014 euros.