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Real estate stocks build foundation for positive day in the City

Daily Life In England Under Third Coronavirus Lockdown
LONDON, UNITED KINGDOM - FEBRUARY 24: A general view over the London skyline including St Paul's Cathedral, the Wembley Arch, BT Tower and St Mary's Axe on February 24, 2021 in London, United Kingdom. (Photo by Dan Kitwood/Getty Images)

A strong performance among real estate stocks built the foundations for a positive day on London markets this morning.

The capital’s premier FTSE 100 index climbed 0.46 per cent to 7,299.88 points, while the mid-cap FTSE 250 added 0.08 per cent to hit 23,240.57 points.

The City was lifted by the likes of housebuilder Barratt Developments and commercial real estate developer Land Securities jumping 1.97 per cent apiece.

Fellow home builder Persimmon was a strong performer on the blue-chip index, advancing 1.80 per cent.

Real estate stocks were supported by oil megacap BP climbing 1.52 per cent. BP represents an enormous share of the FTSE 100, meaning movements in its share price exert a strong influence on the direction of the index.

Cambridge-based cybersecurity firm Darktrace continued to build on losses it has amassed in recent months, dropping 2.97 per cent.

Meanwhile, on the mid-cap FTSE 250, travel stocks weighed down the index, with TUI and easyJet falling more than 3.20 per cent.

The pound lost ground on the greenback, weakening 0.07 per cent $1.3366.