Easing tensions see a sharp rise in FTSE shares

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David Madden, a market analyst at CMC Markets UK, said: “The lack of hostilities in relation to North Korea and the downgrading of Hurricane Irma to a category one storm has prompted traders to buy back into the market.

“North Korea celebrated the founding of the state over the weekend.

“Investors were worried the event could have prompted Pyongyang to mark the occasion by testing a missile.

“Seeing as the North Korean regime didn’t show off its military might over the weekend, traders were encouraged to take on more risk.”

Brent crude prices fell around 0.5 per cent to $53.47 per barrel amid fears that Hurricane Irma would curb demand for oil in Florida, one of the largest consumers of oil in the US.

In UK stocks, rose 3p to 449.1p after the oil giant announced plans to float its US pipeline assets on the New York Stock Exchange. The oil major said the filing with the US Securities and Exchange Commission would lead to an initial public offering of

in the fourth quarter of this year.

Primark owner

fell 162p to 3,103p, despite upping its full-year outlook. now expects full-year sales at Primark to rise 13 per cent on a constant currency basis, with the UK seeing particularly strong turnover growth of 10 per cent.

However, investors were disappointed with a warning the pound’s collapse was pushing up import costs for the low-cost retailer.

shares tumbled 5.1p to 84.85p after the firm suspended operations at a Tanzanian mine following a government investigation into the diamond market.

fell 0.71p to 43.16p. It follows reports its finance chief Zafar Khan had left the troubled infrastructure giant with immediate effect as part of a raft of senior management changes. It comes after a shock profit warning resulted in a dramatic collapse in Carillion’s share price in July.

The biggest risers on the FTSE 100 were up 30p to 825p; up 39p to 1,195p; up 145p to 5,180p;

and

up 14p at 607.5p; The biggest fallers were down 162p to 3,103p; down 6.4p to 271.8p;

down 125p to 8,000p; and

down 41p to 2,864p. THE S&P 500 surged more than one per cent to a record high close as tropical storm Irma caused less damage than expected in Florida, and after North Korea did not test-fire missiles over the weekend, which some had feared.

All 11 major S&P 500 sectors rose, led by financial stocks, with insurers advancing as Irma, once ranked as one of the most powerful hurricane recorded in the Atlantic, lost power.

The Dow Jones Industrial Average rose 1.19 per cent to end at 22,057.37 points in its largest one-day gain since February.

The S&P 500gained 1.08 per cent to 2,488.11 and the Nasdaq Composite added 1.13 per cent to 6,432.26. The S&P 500 financial index jumped 1.74 per cent, with up 2.18 per cent and insurer up 2.34 per cent.

With investors less worried about Irma’s impact, insurers

and surged more than 12 per cent, while

soared 21 percent. rose 1.81 per cent a day ahead of the expected launch of a new iPhone, providing the biggest boost to the Nasdaq and S&P 500.

jumped 5.91 per cent on news China was studying when to ban the production and sale of cars using traditional fuels.

rose 19 per cent after the generic drugmaker named a new chief executive.

About six billion shares changed hands in US exchanges.