UK housing market activity falls to three-year low in July

FTSE 100 closes highest level in more than 14 months

Pound sinks to one-month low on housing data

IEA sees oil markets slowly tightening after months of oversupply

Oil surges 5.11pc as Saudi Arabia says Opec meeting may discuss 'stabilising the oil market'

TalkTalk surge on Vodafone bid speculation

FTSE 100 smashes 6,900 for first time this year

The FTSE 100 smashed 6,900 for the first time this year in afternoon trade, enjoying its highest close in more than 14 months.

Despite spending much of the day in negative territory a late surge in oil prices and a flurry of M&A chatter helped the blue chip index touch a fresh 2016 high. The blue chip index closed up 48.29 points, or 0.7pc, at 6,914.71, its highest level since June 3 last year when it closed at 6,950.46.

European bourses also enjoyed gains. Frankfurt’s DAX and the CAC in Paris advanced 0.9pc and 1.2pc, respectively. Meanwhile, the pan-European Euro Stoxx 600 index erased all of its post-Brexit losses, rising 0.8pc.

Oil soars 5pc after Saudi Arabia says Opec meeting may discuss 'stabilising market'

Oil has rallied by as much as 5.11pc this afternoon, hitting an intraday high of $46.30 following comments from Saudi's oil minister who said he is prepared to discuss the market situation at next month's Opec meeting in Algeria.

Members of the Opec will meet on the sidelines of the International Energy Forum (IEF) in Algeria from September 26 to 28, Qatar's energy ministry said earlier this week.