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FTSE 100 Rises Led By Commodity Stocks

U.K. stocks advanced on Monday, with oil companies surging after a drone attack claimed by Yemen's Houthi rebels sparked a fire in a remote Saudi oil and gas field.

The benchmark FTSE 100 was up 54 points or 0.75 percent at 7,171 after gaining 0.7 percent on Friday.

BP Plc rose 0.7 percent and Royal Dutch Shell gained nearly 1 percent as the attack on a Saudi oil facility by Yemeni separatists added to tensions in the Middle East.

Asia-focused lender HSBC Holdings rallied 1.6 percent after China's central bank said it would replace its key lending rate with a more market-driven benchmark to help lower real lending rates and prop up a slowing economy.

Miners Anglo American, Antofagasta and Glencore were up between 1.6 percent and 2.2 percent.

Gold mining company Centamin tumbled 3.4 percent as gold prices dipped on a firmer dollar.

Safestore Holdings rallied 2 percent. The self-storage group is forming a joint venture with Carlyle European Real Estate Fund to acquire M3 Self Storage, a Dutch operator of six prime storage locations.

Sainsbury jumped 3.4 percent after denying reports that it is speaking to internal candidates about replacing its current chief executive Mike Coupe.

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