Kingfisher gains as retailer maintains FY forecast
Moonpig hits near 3month high on Smartbox deal
Oil, mining stocks lead morning gains
FTSE 100 up 0.7, FTSE 250 adds 1

May 23 Reuters UK39;s top share index gained on Monday as higher commodity prices boosted shares of mining and oil majors, while home improvement retailer Kingfisher rose after posting upbeat quarterly results.

The bluechip FTSE 100 rose 0.7 and the domestically oriented FTSE 250 advanced 1, after a volatile week that saw both the indexes mark losses.

Mining and oil gas sectors rose 1.7 each, boosted by higher commodity prices, amid plans to end COVID19 lockdowns in top metals consumer China and as the U.S. dollar retreated.

Adding to the upbeat mood, U.S. President Joe Biden said he was weighing cutting tariffs on Chinese goods.

It39;s a bit of a relief rally. The dollar weakening is helping sectors such as resources and oil gas, said Keith Temperton, sales trader at Forte Securities.

We39;ve got a fairly hectic economic diary towards the middle and the end of the week. It wouldn39;t surprise me if this market faded off quickly.

While the commodityheavy FTSE 100 has remained resilient over the year, the midcap index shed close to 15 so far in 2022 on concerns that soaring inflation and tighter monetary policy will tip the economy into a recession.

Asking prices for houses in Britain surged again in May, pushed up by a lack of new homes coming to the market rather than strong demand, which…