FTSE 100 Records Strong Rally

(RTTNews) - Amidst strong expectations of a rate cut by Bank of England, the FTSE 100 benchmark of the London Stock Exchange rebounded on Monday, more than recouping Friday's losses.

The FTSE 100 which had closed at 9,649.03 on Friday traded between 9,687.70 and 9,751.20 on Monday.

The index is currently trading at 9,745.20, having surged 1 percent from the previous close.

In the 100-scrip index, only 10 scrips are trading in the overnight red zone. Antofagasta topped gains with a surge of 3.4 percent. International Consolidated Airlines Group as well as Auto Trader Group followed with gains of more than 3 percent.

Hikma Pharmaceuticals led losses with a decline of 1.1 percent.

Amidst the dollar's retreat, the six-currency Dollar Index has slipped 0.11 percent to 98.29 from the level of 98.40 at the previous close. The GBP/USD pair has increased 0.09 percent to 1.3384. The sterling ranged between $1.3396 and $1.3355 in the day's trade. The EUR/GBP pair edged down 0.05 percent to 0.8776. The GBP/JPY pair has also slipped 0.34 percent to 207.67.

With yields easing across tenors and regions, bonds in the U.K. also witnessed a drop in yields. Ten-year bond yields in the U.K. shed 0.33 percent to 4.5030 percent. The yields ranged between 4.5090 percent and 4.4860 percent over the course of the day. The same was at 4.5180 percent a day earlier.