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British Financial Times joins wave of recovery led by oil and financial sectors

Logo of the London Stock Exchange. Archive Reuters.

LONDON (Reuters) – The UK's largest stock index met for a rally in Europe on Monday, as concerns about the British split weakened after voting in the weekend in Brussels, when investors bought in the oil and financial sector, and the telecommunications index rose on deals,

The index of the British Financial Times 100 rose 1.2 percent.

The index received the strongest support from the financial sector: HSBC, Standard Chartered and Standard Life Aberdeen rose 2.6-3 percent after EU leaders finally signed the UK separation agreement.

The EU leaders said that the agreement reached with British Prime Minister Teresa May was the best that her country could get.

These benefits have been reflected in the strength of the broader banking sector in Europe, helped by reports that Italy can reduce its budgetary objectives in order to avoid disciplinary action by Brussels.

Oil reserves also rose, as oil compensated some of its losses after falling almost 8 percent in the previous session, as concerns about oversupply weakened.

Royal Dutch Shell shares rose 2.9 percent, and BP – 2.4 percent, and Energy Wood John Wood – 7.6 percent, leading the Financial Times.

Vodafone received support from deals in the afternoon, after Reuters reported that the European Commission is moving to endorse the merger in the Netherlands, reviving optimism about possible mergers and acquisitions in this sector.

The index of the European telecommunications sector rose 3.3 percent at the end of the news.

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