By Carla Mozee, MarketWatch
LONDON (MarketWatch) -- U.K. stocks popped higher Monday, with
energy shares among the advancers pushing up the benchmark FTSE 100
at the start of the holiday-shortened week.
The FTSE 100 rose 0.9% to 6,603.06, with all sectors moving
higher, led by gains for the health-care, consumer goods and
financial groups.
Kingfisher shares were the best on the benchmark, rising 2.5%
after the home-improvement retailer agreed to sell its 70% stake in
B&Q China to Wumei Holdings for 140 million pounds ($219
million).
Oil majors Royal Dutch Shell PLC and BP PLC picked up 1.8% and
0.8%, respectively, though were off higher levels of the session.
Oil stocks have been hit hard in recent weeks, as oil prices have
tumbled to five-year lows on oversupply concerns in the
industry.
But after starting at the top of the benchmark, shares of Tullow
Oil PLC lost steam and fell 2.4%.
Also lower, Tesco PLC shares were down 1.4%. The U.K.'s
Financial Reporting Council said Monday it has launched an
investigation into the supermarket chain's accounts for the 2012,
2013 and 2014 fiscal years, following the recent accounting
debacle.
Overall trading volumes will be lighter than usual this week.
The market will be closed on Thursday and Friday for Christmas and
Boxing Day.
The FTSE 100 last week climbed 3.9% marking its best week in
more than three years, according to FactSet data.
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