FTSE 100 Extends Recent Gains, Up Nearly 1%

(RTTNews) - The UK stock market's FTSE 100 climbed higher on Friday, extending gains to a third straight session, amid rising optimism about Iran and the U.S. reaching a peace deal. Sharply lower oil prices helped as well in lifting the sentiment.

Data showing a contraction in UK's gross domestic product growth did not any significantly hurt the mood.

Middle East tensions eased following U.S. President Donald Trump calling off his planned attacks on Iran.

The U.S. President said a "great settlement" to end the conflict with Iran has been reached, and that a signing ceremony could take place in Europe as early as this weekend, although Tehran said no final deal has been approved and that disputes over frozen funds and Strait of Hormuz security remain unresolved.

Bank and mining stocks moved up sharply, while energy stocks were weak.

The FTSE 100, which advanced to 10,468.29 earlier, was up 97.69 points or 0.95% at 10,401.57 about half an hour before noon.

Miners Antofagasta and Anglo American Plc gained 5.2% and 4.9%, respectively. Fresnillo gained 4.5%, Endeavour Mining moved up 2.85%, Rio Tinto advanced 2% and Glencore gained about 0.5%.

Barclays gained 5%, Natwest Group and Standard Chartered both surged 4% and HSBC Holdings climbed 3.7%, while Lloyds Banking Group moved up 3.5%