22.06.202611:36:15UTC+00FTSE 100 Rebounds in Afternoon Trading

The FTSE 100 advanced on Monday, outperforming its major European counterparts as gains in banking and commodity-linked stocks offset political uncertainty following UK Prime Minister Keir Starmer’s resignation. The move has sharpened focus on Andy Burnham as a potential successor and on the policy agenda he might pursue if he secures the leadership.

Banks led the rally, with HSBC up 0.9%, while Lloyds Banking Group, Barclays, NatWest and Standard Chartered each climbed close to 2%. Energy heavyweights also lent support, with Shell gaining 0.6% and BP trading higher. Miners added further momentum: Rio Tinto rose 0.8%, and Glencore, Anglo American and Antofagasta advanced by about 1%, while Fresnillo outperformed with a 2.1% increase.

In the travel sector, EasyJet gained more than 2% after rejecting several approaches from Castlelake, prompting the investor to take its £4.74 billion offer directly to shareholders. By contrast, Babcock dropped 5% after reporting a decline in pretax profit.