FTSE 100 Moves Higher As Banks, Miners Post Solid Gains

(RTTNews) - Despite lingering concerns about tensions in the Middle East, the UK stock market moved firmly higher Thursday morning, riding on gains in mining and financial sectors.

Iran today announced the closure of the Strait of Hormuz, one of the world's most important oil transit routes, after a fresh round of US military strikes intensified tensions in the Middle East. The announcement follows a second consecutive night of attacks by the U.S. on Iranian military targets.

Tehran warned of retaliation and said that the fragile ceasefire in the three-month conflict had become "practically meaningless".

The UK stock market's benchmark index FTSE 100 was up 88.05 points or 0.86% at 10,342.86 nearly half an hour past noon.

HSBC Holdings and Standard Chartered gained 2.8% each. Natwest Group moved up 1.5%, while Barclays and Lloyds Banking Group climbed 1.2% and 1.1%, respectively.

Miners Anglo American Plc, Rio Tinto and Fresnillo gained 1.2%-2%. Glencore and Antofagasta posted moderate gains.

Among other prominent gainers, Prudential climbed nearly 4%. Intertek Group moved up 2.7%, while 3i Group, while Centrica, Kingfisher, Burberry Group and Next advanced 2%-2.5%.

Airtel Africa, Rolls-Royce Holdings, Aviva, JD Sports Fashion, BAE Systems, SSE and Standard Life also climbed notably higher.

Halma tanked 14%. The stock fell following the health and safety device maker issuing disappointing guidance for the year ahead.

ICG shed more than 3%, while The Sage Group drifted down 2%. Spirax Group, Barratt Redrow, Berkeley Group Holding, Endeavour Mining and AutoTrader Group lost 0.7%-1.25%.

In economic news, a survey from the Royal Institution of Chartered Surveyors showed that the U.K. house price balance was unchanged from the previous month at -35% in May, but some measures showed signs of stabilization in the property market.