- FTSE 100 up, FTSE 250 up 0.6% each
- BP jumps after Elliott takes stake
Feb 10 (Reuters) - London stocks kicked off the week on a high note, with the benchmark index rising due to gains from oil giant BP and precious metal mining stocks, as investors geared up for a busy week of economic data releases.
The FTSE 100 rose 0.6% to 8,748.93 points by 1056 GMT, while the domestically focussed mid-cap FTSE 250 also gained 0.6%.
Heavy-weight BP jumped 6.4% to its highest since August after investor Elliott Management built a stake in the energy major, with expectations that it will press for changes in strategy and the board.
The oil and gas sector rose 1.8%.
Precious metal miners gained 1.8%, becoming the top sectoral gainer, as gold continued its record rally with sustained safe-haven demand persisting.
On the economic front, British investors are eagerly anticipating a wave of data releases scheduled throughout the week, including GDP estimates for December, preliminary Q4 figures, and industrial and manufacturing output for December.
Bank of England policymaker and monetary policy committee member Catherine Mann, known as the most hawkish voice on the committee, is set to deliver a speech at 17:30 GMT. Her insights come just after the central bank's decision last week to trim interest rates by 25 basis points.
Meanwhile, all eyes will also be on BoE Governor Andrew Bailey, who is slated to speak on Tuesday.
Across the pond, U.S. Federal Reserve Chair Jerome Powell is due to appear before the House of Representatives on Tuesday and Wednesday, where the impact of tariffs on policy is sure to be a hot-button issue.
Reporting by Pranav Kashyap in Bangalore; Editing by Vijay Kishore
Source: Reuters