MSFT Microsoft Corporation

By Barbara Kollmeyer, MarketWatch , Emily Horton

Johnson Matthey, Kingfisher among the big movers

London-listed stocks on Wednesday registered their best gains in more than eight weeks, supported by gains in major oil companies.

How are the markets performing?

The FTSE 100 rose nearly 1.5% to 7,050.23, after closing down 0.4% on Tuesday. Wednesday's gain marked the best day for the FTSE 100 since Sept. 21, according to Dow Jones Market Data.

The British pound was last trading at $1.2804, up from $1.2789 late Tuesday in New York.

What drove stocks?

Doubts about the chip sector have driven a brutal selloff in U.S. tech stocks, with The Nasdaq Composite Index falling 1.7% on Tuesday. The tech-heavy index has dropped 1,000 points since the third quarter began, and it was down nearly 15% since putting in a late-August peak.

As of Tuesday's close, all the s-called FAANG stocks were in a bear market--drop of at least 20% from a recent all-time high--leaving Microsoft Corp. (MSFT) as the only megacap U.S. tech company less than 20% off its peak.

Read:Which markets are closed on Thanksgiving? (http://www.marketwatch.com/story/which-markets-are-closed-on-thanksgiving-2018-11-20)

What stocks were active?

As oil prices recovered part of Tuesday's 7% plunge, major producers added to gains, helping the broader index move higher. Among them, BP PLC (BP.LN) (BP.LN)(BP.LN) rose 2.3% and Royal Dutch Shell Group PLC (RDSA.LN) (RDSA.LN)(RDSA.LN) gained 2.3%.

Also helping out were big bank names, with HSBC Holdings PLC (HSBA.LN) (HSBA.LN) up 2.7% and Lloyds Banking Group PLC (LLOY.LN) (LLOY.LN) gaining 1.6%.

Among the decliners, retailer Kingfisher PLC (KGF.LN) closed over 3.1% lower after reporting a fall in same-store sales (http://www.marketwatch.com/story/kingfisher-to-return-extra-65-million-in-buybacks-2018-11-21).

Specialty chemical company Johnson Matthey PLC (JMAT.LN) surged 13% after posting a 19% rise in profit (http://www.marketwatch.com/story/johnson-matthey-profit-up-sees-growth-on-target-2018-11-21) and making upbeat comments on guidance.

(END) Dow Jones Newswires

November 21, 2018 14:39 ET (19:39 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.