FTSE rebounds to edge higher amid strong consumer stocks
The FTSE 100 recovered to close marginally higher amid a positive session for consumer and pharmaceutical stocks.
British American Tobacco helped drive the top index to gains as it was boosted by plans from the Trump administration to axe a proposed ban on menthol cigarettes and flavoured cigars in the US.
This helped to offset a weaker session for London's commodity stocks.
The FTSE 100 finished 1.36 points, or 0.02%, higher to end the day at 8,503.71.
Stateside, tech firms plunged early in the session after a new Chinese competitor emerged in the artificial intelligence boom.
Axel Rudolph, senior technical analyst at IG, said: 'China's DeepSeek R1 AI, which surpassed ChatGPT as the top free app on the US App Store and apparently cost less than six million dollars to develop, made investors question lofty US tech valuations.
'Nvidia shares sank by 13%, erasing 465 billion dollars in market value.
'Falling US Treasury yields and bargain hunters helped US indices recover with the Dow flatlining.'
Elsewhere in Europe, the other main markets were relatively downbeat, despite an improvement in business morale in Germany.
The Cac 40 ended 0.27% lower for the day and the Dax index was down 0.54%.
In currency, sterling took a small step back in its recent recovery against the dollar at the start of a quiet week for economic data.
The pound was down 0.07% at 1.247 US dollars and was flat at 1.189 euros when London's markets closed.
In company news, WH Smith was a touch lower after the retail firm confirmed over the weekend that it has held talks about potentially selling its 500-strong high street store business.
The company said it is assessing options for the division as it seeks to focus on its larger travel operation.
Investors initially welcomed the prospect, but shares ultimately finished 0.09% lower at 1,147p as analysts suggested it would impact earnings in the near term.
Bootmaker Dr Martens stumbled slightly during the session despite trimming back its losses for the latest year.
The firm's new boss said it is making progress in turning around its struggling US business but that revenues were still lower over the key festive period.
Shares finished down 2.9% at 71p for the day.
Shares in drinks giant Diageo were a touch lower after it denied reports it was considering possibly selling or spinning off its Guinness brand after booming popularity in recent years.
The company saw its value lift late last week over the potential windfall of such a deal.
However, shares therefore slipped by 0.4% to 2,493.5p after it confirmed on Sunday that it does not plan to sell Guinness or its stake in champagne maker Moet Hennessy.
The price of oil plunged to its lowest level for a month after the US pulled back from initial threats over potential sanctions against Colombia.
A barrel of Brent crude oil was down by 2.54% to 74.2 dollars (£59.51) as markets were closing in London.
The biggest risers on the FTSE 100 were British American Tobacco, up 142p to 3,150p, ConvaTec, up 9p to 248.4p, GSK, up 45.5p to 1,402p, Airtel Africa, up 3.3p to 129.3p, and Unilever, up 99p to 4,643p.
The biggest fallers on the FTSE 100 were Anglo American, down 157.5p to 2,378p, Scottish Mortgage Investment Trust, down 54.5p to 1,004.5p, Glencore, down 13.9p to 361.5p, Antofagasta, down 58p to 1,696.5p, and JD Sports, down 2.62p to 81.38p.
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