UK stocks edge higher as US-Iran peace deal boosts sentiment
UK stocks edge higher as US-Iran peace deal boosts sentiment For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window
June 15 (Reuters) - UK stocks edged higher on Monday as global risk sentiment received a boost after the United States and Iran reached a preliminary peace agreement, sending oil prices lower.
Brent Crude prices fell nearly 5% after officials from Washington and Tehran said they had reached an agreement to end the three-month-long conflict, which would include reopening the Strait of Hormuz, a key global oil shipping route.
The blue-chip FTSE 100 index .FTSE rose 0.10% to 10,481.76 points by 10:48 AM GMT, while the midcap FTSE 250 .FTMC climbed 0.57%.
Precious metal miners .FTNMX551030 led with a 6.9% jump, tracking extended gains in gold and silver prices. Fresnillo FRES.L and Hochschild HOCM.L climbed 10.1% and 7.8%, respectively.
Homebuilders .FTNMX402020 rose 2.2%, with Persimmon PSN.L and Bellway BWY.L gaining 3% and 2.6%, respectively.
Lower oil prices lifted travel & leisure stocks .FTNMX405010 by 1.6%, with Wizz Air WIZZ.L climbing the most at 5.6%.
Oil giants BP BP.L and Shell SHEL.L declined 3.4% and 4.3%, respectively, tracking crude prices.
The Bank of England is expected to hold the interest rate on Thursday, following a 25 bps hike from the European Central Bank last week.
Bunzl BNZL.L rose 1.4% following a report that activist investor Elliott has taken an almost 5% stake in the supplies distributor.
Among mid-caps, Frasers Group FRAS.L declined 2% after the sporting goods retailer launched a buyout offer for Australia's Accent Group AX1.AX.
Chipmaker IQE IQE.L jumped 20.9% after signing a deal with Tower Semiconductor TSEM.TA for optical connectivity solution.
(Reporting by Utkarsh Hathi in Bengaluru; Editing by Vijay Kishore)