Britain’s top equity index advanced on Friday, lifted by commodity stocks which benefited from a rise in copper and oil prices.
The blue-chip FTSE 100 index was up by 0.5 per cent at 6,860.72 points in early trading.
London copper prices hit a three-week high, helping to drive the FTSE 350 Mining Index up by 2.9 per cent, while oil stocks BP and Royal Dutch Shell rose as the prices of crude approached gains of around 4 per cent over the week.
Healthcare company Glaxo rose 3.5 percent — the best FTSE 100 performer in percentage terms — after investment bank UBS raised its rating on the stock to “buy’’ from “sell’’.
The FTSE’s progress put it close to last year’s peak of 6,904.86 points, which marked its highest level since early 2000.
Traders said expectations that Greece could strike a deal with its international creditors were also helping the FTSE.
“The dual push from these commodities, alongside a clearing of clouds over Europe, looks set to give the FTSE a better close to the week than it could have hoped for, even as late as Wednesday,’’ said Spreadex financial analyst Connor Campbell.
The FTSE 100, which fell nearly 3 per cent in 2014, is up around 5 per cent so far this year.