London’s top indexes jumped this morning as investor fears over the potential fallout of economic sanctions levelled against Russia tempered.
The capital’s premier FTSE 100 index added 0.2 per cent to rise to 7,473.42 points, while the domestically-focused FTSE 250 index, which is more aligned with the health of the UK economy, edged down 0.07 per cent to 21,066.17 points.
Stocks exposed to Russia continued to plummet this morning as Moscow’s invasion of Ukraine ramped up overnight.
Gold miner Polymetal International, which has operations in Russia, collapsed again, dropping 18 per cent.
Yesterday, its shares tumbled around 50 per cent.
Steelmaker Evraz, which also does business in Russia as well as Ukraine, dropped over five per cent after it lost nearly a third of its value yesterday.
Investors have been ditching Russia-based stocks in a bid to offset any losses triggered by the sweeping tranche of sanctions launched by the West to hobble the country’s economy.
Defence firm BAE Systems built on yesterday’s strong performance, advancing 1.53 per cent. An expected ramping up in defence spending by Western countries in response to Russia’s aggression has boosted sentiment toward the firm.
Cambridge-based cybersecurity firm Darktrace continued its ascent of recent days, gaining 2.62 per cent during early exchanges as investors expect businesses to strengthen defences against potential Russian cyber attacks.
The pound lost ground on the greenback as investors continued to pile into safe haven assets.