LONDON: UK shares gained in a broad-based rally on Friday amid growing hoping of a peace agreement between Iran and the US, which sent crude oil prices lower, with both the midcap and blue-chip indexes clocking weekly gains.
The blue-chip FTSE 100 index closed 1.6 percent higher at 10,471.7 points, its highest closing level since May 27. The midcap FTSE 250 also jumped 1.6 percent — its best single-day percentage gain in over five-weeks.
Both indexes also clocked an over 1 percent gain for the week.
A Western source told Reuters that if language could be agreed upon, the memorandum could be signed as soon as Sunday by US Vice President JD Vance and Iran’s parliament speaker, Mohammed Baqer Qalibaf, with Geneva for now seen as the likeliest venue.
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