FTSE posts biggest one-day gain in over two months - London Report

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The top FTSE index rose yesterday after eight straight sessions of falls, with supermarkets, commodity stocks and firms with South African exposure among the companies rebounding from previous falls.

The FTSE 100 was up 2.5 per cent at 6,017.79 points at its close, its biggest one-day gain in over two months, having fallen 8.5 per cent in the previous eight days.

The recovery came ahead of a widely anticipated interest rate decision in the US, due later today.

Supermarkets were among the top performers with Sainsbury’s leading the sector, rising 5.2 per cent, while Tesco and Morrisons rose 4.4 per cent and 4.9 per cent respectively.

Shares in BG Group and Royal Dutch Shell had risen between 2.6 and four per cent at the close, buoyed by an uptick in the oil price.

Anglo-African financial services firm Old Mutual rose over five per cent, following a 1.3 per cent gain on Monday, with newly appointed South African finance minister Pravin Gordhan lifting sentiment.