The FTSE 100 started the week on a high as UK blue chips jumped 1.3% on an oil price rebound, while Haleon (HLN) struggled on its stock market debut after spinning off from GlaxoSmithKline (GSK).

The main UK index was up 96 points at 7,255 as European bourses took their cue from a positive session in Asia overnight, with energy and mining stocks outperforming after being knocked by recession fears last week. 

‘Oil prices are trading higher, attempting to reverse course after last week’s sharp declines,’ said Victoria Scholar, head of investment at Interactive Investor.

‘A weaker US dollar, combined with risk-on sentiment which is lifting global equities, are also supporting more bullish price action to start the week for oil with WTI and Brent crude straddling the psychological $100 a barrel level.’

Harbour Energy (HBR) was the biggest riser, with its shares up 4.3%, or 14p, at 341p. Other strongly performing commodity names included: 

• Antofagasta (ANTO) rising 3.6%, or 36p, to change hands at £10.29;
• Shell (SHEL) gaining 3.5%, or 70p, at £20.60;
• BP (BP) rising 3.4%, or 12p, at 385p;
• And Anglo American (AAL) advancing 3.4%, or 87p, at £26.37. 

Haleon struggled on its market debut, falling 5.3%, or 18p, to 331p on opening. The addition of Haleon, home to GSK’s consumer brands such as Panadol and Sensodyne, marks the biggest European listing for more than a decade. Scholar said it may ‘take a few days to settle and find Haleon’s fair value’.

‘Today’s listing marks the next chapter for the consumer health business after much criticism from activist investors [after] Unilever’s £50bn takeover offer was rejected at the start of the year,’ she said.

The FTSE 250 was up 0.9%, or 164 points, at 18,997. The mid-cap index was led higher by business-to-business publisher and data group Euromoney Institutional Investor (ERM), which jumped 9.6%, or 128p, to £14.56 after accepting a £1.7bn takeover bid from a private equity consortium.

Luxury car maker Aston Martin Lagonda (AML) was up 8.7%, or 40p, at 499p, while gaming technology group Playtech (PTEC) added 7.8%, or 22p, to trade at 454p.

Commodity stocks benefited from the oil rebound, with Hochschild Mining (HOCH) up 4.3% at 77p, Tullow Oil (TLW) gaining 3.7% to change hands at 44p, and Energean (ENOG) up 3.4% at £10.71.

Direct Line (DLG) did its best to drag the mid caps lower, tumbling 14%, or 30p, to 186p as the insurer warned on profits for this year, saying high inflation and market volatility was taking its toll.

That added to mounting losses since last week for insurance stocks, including the FTSE 100’s Admiral (ADM), which dropped to the bottom of the large-cap index after falling 6.7%.

Among investment trusts, Scottish Mortgage (SMT ) was a major winner among blue chips, moving 3.5% higher to 809p on positive market sentiment. Chrysalis (CHRY ) was up 4% at 98p while BBGI Global Infrastructure (BBGI ) dropped 1.5% to 162p.