FTSE 100 Smashes 6,900 and Oil Surges as Saudi Arabia Says OPEC Meeting May Discuss ‘Stabilising Market’

by Tara Cunningham, Business Reporter

FTSE 100 smashes 6,900 for first time this year

The FTSE 100 smashed 6,900 for the first time this year in afternoon trade, enjoying its highest close in more than 14 months.

Despite spending much of the day in negative territory a late surge in oil prices and a flurry of M&A chatter helped the blue chip index touch a fresh 2016 high. The blue chip index closed up 48.29 points, or 0.7pc, at 6,914.71, its highest level since June 3 last year when it closed at 6,950.46.

European bourses also enjoyed gains. Frankfurt’s DAX and the CAC in Paris advanced 0.9pc and 1.2pc, respectively. Meanwhile, the pan-European Euro Stoxx 600 index erased all of its post-Brexit losses, rising 0.8pc.

Continue Reading at Telegraph.co.uk…