FTSE 100 closes higher, buoyed by miners
The internationally oriented FTSE 100 (.FTSE), opens new tab closed 0.2% higher.
Precious metal miners (.FTNMX551030), opens new tab rose 3.4% to lead the gains among UK sectors, tracking a rise in gold prices. Endeavour Mining (EDV.L), opens new tab gained 4.1%, while Fresnillo (FRES.L), opens new tab advanced 3.6%.
Industrial miners (.FTNMX551020), opens new tab rose 3.1%, tracking a rise in iron ore and steel prices after China announced the start of construction on its mega-dam project in Tibet, which is expected to drive significant demand for construction-grade steel.
Glencore (GLEN.L), opens new tab gained 3%, Anglo American (AAL.L), opens new tab rose 3.3%, Antofagasta (ANTO.L), opens new tab advanced 4.7%, and Rio Tinto (RIO.L), opens new tab up 2.7%.
Media stocks (.FTNMX403010), opens new tab were the laggards on the index with a 1.1% fall. Informa (INF.L), opens new tab fell 1.7%.
The aerospace and defence index (.FTNMX502010), opens new tab lost 1%, led by a 2% fall in BAE Systems (BAES.L), opens new tab.
The domestically oriented midcap FTSE 250 index (.FTMC), opens new tab rose 0.5%, with biotech group Oxford Nanopore Technologies (ONT.L), opens new tab rising 19.2%, highest since January 2024, on higher half-year revenue expectations.
Conversely, MONY Group (MONY.L), opens new tab fell 6.9% after the British price comparison platform's first-half gross margin dropped to 66% from 68% a year ago.
Traders are currently pricing an 85% chance of a 25-basis-point BoE cut next month, as per data compiled by LSEG.
Meanwhile, a Deloitte survey showed British consumer sentiment had a marked fall for the first time in nearly three years last month, reflecting increased worries about job security.
The Bank of England has asked some lenders to test their resilience to potential U.S. dollar shocks, three sources told Reuters.
In corporate updates, BP (BP.L), opens new tab named Albert Manifold, the former boss of building materials producer CRH (CRH.N), opens new tab, as its new chairman on Monday.
The Financial Times reported on Sunday that London Stock Exchange Group (LSEG.L), opens new tab is weighing whether to launch 24-hour trading and is looking into the practicalities of increasing its trading hours. Shares of LSEG were down 1.6%.
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