Shares in London raced higher at this morning’s opening on relief the weekend brought no escalation of world tension, although traders said sentiment remained fragile.
The FTSE 100 index bounded up to a session peak of 4,520.1 before settling back to be 81.8 points or 1.8 per cent higher at 4,515.7 by 8.17 a.m., clawing back much of last Friday's 123-point fall.
Oils and telecoms led the surge, adding a combined 30 points to the index. Shell was 5 per cent higher at 450-1/2p and up 2.5 per cent. Vodafone put on 3 per cent to 146p.
"The word is: the world didn't end this weekend so we're going up, it's as simple that," said Mr Tom Hougaard of Financial Spreads.
"People are relieved the war didn't start this weekend; they're seeing that as good news. It's a bit of a bland excuse; I'm still cautious, but if they're buying they're buying, and prices have come down a lot," he said.