FTSE 100 advances as commodity stocks surge

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* FTSE 100 up 0.7%, FTSE 250 up 0.5%

Aug 23 (Reuters) – London’s FTSE 100 gained on Monday after recording its worst week since February, as energy and heavy mining stocks surged in commodity prices as investors waited for key PMI figures to judge the pace of economic growth.

The FTSE 100 blue chip rose 0.7% with BP, Royal Dutch Shell, Glencore and Anglo American among the top boosts.

The domestically-focused mid-cap index rose 0.5%, with travel and leisure stocks leading the gains.

Risks of rising coronavirus infections and fears of a slowing economy weighed on the FTSE 100, which has underperformed the broader European aggregate since the start of this year.

Among stocks, UK supermarket group Sainsbury’s jumped 5.3% to the top of the FTSE 100 on reports that private equity firms were circling to launch deals worth more than £ 7bn (9 , $ 53 billion).

British airline easyJet gained 1.6% after appointing former RBS CEO Stephen Hester as chairman-elect.

Reporting by Shashank Nayar in Bangalore; Editing by Subhranshu Sahu

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