FTSE 100 rises after Friday's rout, BT Group jumps on M&A report

London's FTSE 100 rose on Monday after its worst session in more than a year as investors kept a wary eye on the developments around the newly detected Omicron coronavirus variant, while BT Group jumped following a report of takeover interest.

The FTSE 100 gained 1.1% by 0805 GMT after virus worries knocked 3.6% off the blue-chip index on Friday.

BT Group Plc surged 9% after the Economic Times reported Indian oil-to-telecoms conglomerate Reliance Industries Ltd was considering an offer to buy the telecom company.

Oil majors BP and Royal Dutch Shell added 3.1% and 2.5% respectively, as crude prices jumped back from their lowest in more than a year with investors looking for bargains and on speculation that OPEC+ may pause an output increase.

Miners gained 1.7% as metal prices recouped some of last week's losses. The domestically focussed mid-cap index advanced 1.1%, also recovering from its worst sell-off this year, with travel stocks Wizz Air and Carnival PLC among the best performers.

Subprime lender Amigo Holdings PLC slumped 29% after it said it expected court proceedings over its new rescue plan to take at least four months and its board concluded that there was a material uncertainty over going concern.