FTSE 100 stock index closes higher

Oil ​majors BP and Shell added 2.6 per cent and 2.9 per cent respectively, ranking among the top gainers on the ‌benchmark ⁠index

London’s FTSE 100 stock index closed higher on Thursday after Britain said it would host talks on reopening the Strait of Hormuz.

British ​foreign minister Yvette Cooper will chair the virtual meeting of about 35 ‌countries, including France, Germany, Italy, Canada and the United Arab Emirates (UAE) on Thursday to explore ways to restore freedom of navigation in the area. The U.S. is not due ​to attend.

The energy index added 2.7 per cent, leading gains as oil hit around $110 ​a barrel.

Oil ​majors BP and Shell added 2.6 per cent and 2.9 per cent respectively, ranking among the top gainers on the ‌benchmark ⁠index.

The pharma index jumped 1.7 per cent as AstraZeneca added 1.9 per cent after it said a late‑stage trial showed its Imfinzi combination improved progression‑free survival in a common liver cancer.

British business confidence dropped from +2.8 on the eve of the war to -1.1 by the ​end of the ​10-week survey period ⁠on March 16, according to a survey of accountants that echoed similar concerns from other groups since the start of ​the U.S.-Israeli attacks.

British companies expect to raise prices more quickly in ​the coming ⁠12 months as they respond to a surge in energy prices due to the Iran war, a Bank of England (BoE) survey showed.

Markets are pricing in more than ⁠two ​quarter‑point hikes by the BoE by the end ​of the year, according to data compiled by LSEG.

Markets will be closed for Good Friday and Easter ​Monday.