Latest news with #miningstocks
The Independent
14 hours ago
- Business
- The Independent
FTSE 100 closes down after US inflation figures temper tech firms' results
The FTSE 100 gave up early gains as a strong US inflation reading and weak mining stocks tempered enthusiasm provided by well-received earnings on both sides of the Atlantic. The index closed down 4.13 points at 9,132.81. It had earlier traded as high as 9,190.73, a new all-time peak. The FTSE 250 closed 186.25 points higher, 0.9%, at 21,962.83, and the AIM All-Share closed down 1.22 points, 0.2%, at 761.50. In Europe on Thursday, the Cac 40 in Paris fell 1.1%, while the Dax 40 in Frankfurt slid 0.8%. In New York on Thursday, the Dow Jones Industrial Average was down 0.1%, the S&P 500 was 0.4% higher, and the Nasdaq Composite rose 0.7%. Stocks in London opened brightly after strong earnings in the capital and from two of the so-called Magnificent Seven on Wall Street. 'Stellar results from Microsoft and Meta have fired up investors, quickly shifting the focus from US interest rates potentially staying higher for longer to an environment where big tech is ruling the roost again,' said Russ Mould, investment director at AJ Bell. 'The probability of a US rate cut in September has fallen since the Fed's rate decision on Wednesday with the market now pricing in a 57% chance of rates staying level versus 35% a day ago. 'Normally, such a shift would be negative for investors who typically prefer rates to be trending lower. However, the big tech reporting season has got everyone excited about mega profits and tremendous earnings growth.' The Federal Reserve left interest rates unchanged on Wednesday in a split vote, although markets detected a hawkish tone from chairman Jerome Powell. 'As expected, the FOMC kept policy rates unchanged amid two dissents. Powell appeared unfazed by the strong pressures to cut rates immediately, delivered hawkish comments and offered no new guidance about the future path of rates. We retain our call for one 25bp cut this year, in December,' said Marc Giannoni, at Barclays. The Fed call was soon overtaken by the results from Microsoft and Meta Platforms, benefiting from the growth of artificial intelligence. Software and technology firm Microsoft jumped 4.5% after a strong fourth quarter and guidance, which Dan Ives at Wedbush said reflected 'eye-popping cloud and AI strength'. Mr Ives said it was a 'watershed' moment for Microsoft, with AI already changing the growth trajectory of the firm's cloud growth story. Facebook owner Meta Platforms soared 12% after its second quarter results and better-than-expected guidance. JPMorgan's Doug Anmuth said Meta's outsized revenue growth continues to support outsized infrastructure investments, with the sales increase largely due to AI-driven engagement increases and advertising improvements. But the mood was dampened a touch by worries of a pick-up in the Fed's preferred inflation gauge. Annual core PCE inflation index stood at 2.8% in June, the same rate as in May, which was, however, upwardly revised from 2.7%. Analysts at TD Economics said an uptick in inflation was visible in the month-over-month and three-month annualised figures. 'With inflationary pressures likely to heat up further in the coming months alongside some easing in the labour market, we anticipate that consumer spending will see some additional easing in the third quarter,' the broker added. Earnings also provided a spur in London with Rentokil, Rolls-Royce and Shell among those in the green. Pest control specialist Rentokil leapt 9.5% as it said sales and marketing initiatives in North America are starting to have an impact, with organic revenue growth of 1.4% in the second quarter, up from 0.7% in the first quarter. Rolls-Royce gained 7.1%, hitting an all-time high, as it raised its outlook for all of 2025, saying a strong first half showed 'our multi-year transformation continues to deliver'. Shares in the jet engine and power turbine maker have soared by 80% in 2025 so far. Charles Armitage at Citi said results were 'very strong', driven by Civil and Power Systems Shell rose 1.2% as it maintained the pace of its share buyback and raised its dividend, as second-quarter profit fell but still topped expectations. But Mondi fell 12% as the packaging firm warned of tariff risks in the second half of 2025. On the FTSE 250, Just Group soared 67% after it accepted a £2.4 billion takeover from Bermuda-based wealth management firm, Brookfield Wealth Solutions. Under the proposal, shareholders in the London-based provider of retirement income products will receive 220p cash for each share held. Just Group chairman John Hastings-Bass said the offer 'delivers certain value for shareholders at an attractive cash premium'. Meanwhile, JTC surged 14% as it agreed a deal to buy an estate planning firm and said net organic revenue growth was above 10% in the first half of the year. The Jersey-based professional services company said it delivered a 'resilient and sector-leading performance' in the first half of 2025. The pound eased to 1.3230 dollars late on Thursday afternoon in London, compared to 1.3285 at the equities close on Wednesday. The euro traded at 1.1442 dollars, lower against 1.1479. The yield on the US 10-year Treasury was at 4.34%, trimmed from 4.37%. The yield on the US 30-year Treasury was at 4.87%, narrowed from 4.91%. Brent oil was quoted lower at 71.11 dollars a barrel in London on Thursday, down from 72.99 dollars late on Wednesday. Gold was flat at 3,292.45 dollars an ounce against 3,292.75 dollars. The biggest risers on the FTSE 100 were St James's Place, up 139p at 1,308.50p, Rentokil Initial, up 32.9p at 379.5p, Rolls-Royce, up 84p at 1,072p, Rightmove, up 22.2p at 818.6p and Prudential, up 25.6p at 963.8p. The biggest fallers on the FTSE 100 were Mondi, down 141p at 1,027.5p, London Stock Exchange, down 795p at 9,260p, Antofagasta, down 117.5p at 1,877p, Diageo, down 86.5p at 1,853p and Anglo American, down 83p at 2,148p.
Reuters
21-07-2025
- Business
- Reuters
FTSE 100 closes higher, buoyed by miners
July 21 (Reuters) - The UK's FTSE 100 closed higher on Monday, led by gains in mining stocks, with investor focus on the Bank of England's policy path. 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%.
Times
10-07-2025
- Business
- Times
FTSE 100 hits highest level on record
The FTSE 100 and bitcoin rose to their highest levels on record on Thursday while the dollar recovered ground against competitor currencies, signalling that investors were untroubled by President Trump's latest tariff threats. London's blue-chip index jumped by 1.23 per cent, or 108.64 points, to 8,975.66, a record closing value, having been marched upwards by mining stocks. The FTSE 250, the mid-cap stock index, rose by 0.59 per cent, or 126.84 points, to close at 21,694.70. The FTSE 100's rapid ascent took it past its previous highest closing level of 8,884.92, set on June 12. Mining stocks drove the upwards charge despite Trump having signalled that he would impose a 50 per cent tax on all copper imports. The decision delivers on a promise that the president made earlier this year when he held an investigation into how metals flowing into the US could have an impact on national security. Other sectors, such as pharmaceuticals, face similar investigations and the threat of potential tariffs. Rio Tinto, the miner, was the biggest riser on the FTSE 100 on Thursday, up by 4 per cent, or 171p, to 4,447½p. Glencore, another miner, followed in a close second, rising by 3.94 per cent, or 11¾p, to 309.95p. Anglo American also increased by 3.78 per cent, or 82p, to 2,252p. Kathleen Brooks, research director at XTB, an investment platform, said that the 'counter-intuitive' rally in mining stocks was triggered by Trump providing 'very little concrete details about how [copper] tariffs will be applied, which is why we are seeing [miners] steal the spotlight: investors expect Trump to backtrack'. • Business live: up-to-the-minute news and analysis from our live blog Bitcoin benefited from the risk-on trading session: the world's foremost cryptocurrency leapt to a new record high of just under $112,000. The dollar cancelled out some of its losses against comparative currencies, with the dollar index strengthening by 0.26 per cent. The index, which measures the greenback against six similar currencies, is still down nearly 10 per cent since the start of the year. The pound dropped by 0.13 per cent against the dollar to $1.35. Investors have largely overlooked the latest round of tariff announcements from President Trump, who has recently set out new plans for levies on goods imports from Japan, South Korea and Brazil, among other large economies. Trump further delayed the imposition of his 'reciprocal tariffs' until August 1. Analysts at Jefferies said: 'Our view remains that tariffs do cause volatility and uncertainty but should not have much of a market impact medium-term.' In April the markets recoiled at Trump's initial punitive tariff policies, prompting US indices to register one of their sharpest declines since the Great Depression. Wall Street has since reversed its fortunes: the S&P 500 and Nasdaq are now up by more than 6 per cent since the start of the year. This week the chipmaker Nvidia became the first public company to seal a $4 trillion valuation, having risen by more than 20 per cent since the beginning of the year. Government bond markets were settled on Thursday. The rate on the benchmark ten-year UK gilt was broadly flat at 4.59 per cent and the yield on the 30-year gilt dropped by 2 basis points to 5.4 per cent. Yields and prices move in opposite directions.
Yahoo
10-07-2025
- Business
- Yahoo
Miners help propel FTSE 100 to new record high
London's FTSE 100 hit an all-time peak on Thursday, fuelled by gains in mining stocks, as investors shrugged aside US President Donald Trump's latest tariff moves. 'The UK stock market continues to flex its muscles and show strength. Investors lapped up shares in the mining, oil and pharmaceutical sectors, showing a risk-on mood,' said Dan Coatsworth of AJ Bell. The FTSE 100 index closed up 108.64 points, 1.2%, at 8,975.66. It had earlier traded as high as 8,979.41, surpassing the previous record of 8908.82 set in March. The FTSE 250 ended up 126.84 points, 0.6%, at 21,694.70, and the Aim All-Share advanced 2.70 points, 0.4%, at 773.13. In London, mining stocks climbed after Mr Trump said he would enact a 50% copper tariff in August, sending copper prices higher. In addition, mining analyst John Meyer at SP Angel pointed to iron ore prices lifting on the back of improving China sentiment, a key user of minerals. Anglo American rose by 3.8%, Glencore by 3.9% and Rio Tinto by 4.0%. Mr Coatsworth said investors are shrugging off Trump's 'daily tariff updates, perhaps seeing them as noise and not facts'. 'For investors, that means a shift in focus back to economic data and corporate news flow as key drivers for markets,' he added. In European equities on Thursday, the CAC 40 in Paris closed up 0.3%, while the DAX 40 in Frankfurt ended down 0.4%, after earlier hitting a record peak. Stocks in New York were mixed at the time of the London close on Thursday. The Dow Jones Industrial Average was up 0.6%, the S&P 500 index was 0.2% higher, and the Nasdaq Composite was down 0.1%. The yield on the US 10-year Treasury was quoted at 4.37%, narrowing from 4.38%. The yield on the US 30-year Treasury was quoted at 4.88%, narrowing from 4.91%. Figures showed first-time applications for US unemployment benefits fell slightly last week, but the number of people continuing to receive jobless aid climbed to the highest level since 2021. According to the Department of Labour, seasonally adjusted initial claims for the week ending July 5 fell to 227,000, coming in below the FXStreet-cited consensus of 235,000 and down 5,000 from the prior week's revised figure of 232,000. The four-week moving average, a less volatile measure, also eased to 235,500 from a revised 241,250. The pound was quoted at 1.3561 dollars at the time of the London equities close on Thursday, lower compared to 1.3583 dollars on Wednesday. The euro traded lower at 1.1679 dollars, against 1.1706 dollars. Against the yen, the dollar was trading slightly lower at 146.49 yen compared to 146.53 yen. Also on London's FTSE 100, British American Tobacco rose 3.0% as Citi reiterated a 'buy' rating and raised its share price target to 3,900 pence from 3,600p. Earnings momentum is 'skewing positively' and a further re-rating is likely, in Citi's view. IAG advanced 2.1% after well-received results from US peer Delta Air Lines, which jumped 13%. Delta reinstated profit guidance for the year that it ditched three months ago, stating that demand is recovering after taking a hit in the tariff turmoil. Guidance from Delta was also strong. Insurer Legal & General gained 0.2% after it announced a private credit partnership agreement with Blackstone that it said will help address growing demand for public-private hybrid investment products. The London-based insurer said the partnership will combine the 'strength of L&G and Blackstone's respective credit platforms to enhance L&G's competitive advantage in annuities and bolster its asset management proposition in key geographies and channels.' WPP rallied 1.1%, after naming Microsoft executive Cindy Rose as its new chief executive a day after shares fell heavily in the wake of a profit warning. The London-based advertising agency said Rose will join WPP on September 1. Rose succeeds Mark Read who will step down as chief executive at that time but support the transition until the end of the year. WPP said Rose has 'extensive experience' in the technology, telecommunications, media, entertainment and creative industries. Topping the FTSE 100 fallers, Land Securities fell 2.5% as Jefferies downgraded to 'underperform' from 'hold'. PageGroup lost 0.8% after it said its gross profit decline worsened in the second quarter of the year amid 'ongoing market and tariff-related uncertainty'. The Surrey, England-based recruitment firm reported a 'slight deterioration in activity levels' in Continental Europe, though 'some improvement' in Asia and the US. Vistry fell 0.8% after the Kent-based house builder said it expects first-half adjusted operating profit to be around £125 million, in line with expectations, but down 23% from £161.8 million a year prior. It expects adjusted pre-tax profit of around £80 million, down 34% year-on-year from £120.7 million. Net debt as at June 30 is 'significantly' better than expectations, Vistry said, at £295 million, lower than £322.0 million a year prior. In addition, Vistry said it has successfully extended its £500 million revolving credit facility and £400 million term loan to April 2028, with full support from existing eight lenders on unchanged terms. RBC Capital Markets said the update was 'better than we had expected, and the self-help is working, but we were ahead of guidance and self-help alone won't cure the patient'. Jefferies pointed out reiterated guidance should also reassure, but added the 70% skew in guided pre-tax profit to the second half of 2025 'reminds us there remains much to do'. RBC agreed, saying a 'big' second half is required for Vistry to meet its full-year numbers. 'Completions, sales rates, site numbers, the forward orderbook and land purchases are down year-on-year as the group focuses on operations rather than growth following several profit warnings last year,' RBC noted. The company called the UK Government's £39 billion affordable homes programme, announced in June, as 'unprecedented' and 'transformative'. Brent oil was quoted lower at 68.89 dollars a barrel at the time of the London equities close on Thursday, from 70.30 dollars late on Wednesday. Gold was quoted higher at 3,320.06 dollars an ounce against 3,308.72 dollars. The biggest risers on the FTSE 100 were Rio Tinto, up 171.0 pence, at 4,447.5p, Glencore, up 11.7 pence at 309.9p, Ashtead Group, up 180.0p at 4,920.0p, Anglo American, up 82.0p at 2,252.0p and Smith & Nephew, up 40.5p at 1,155.5p. The biggest fallers on the FTSE 100 were Land Securities, down 15.0p at 580.5p, Hiscox, down 22.0p at 1,227.0p, SSE, down 32.5p at 1,853.5p, Babcock International, down 18.0p at 1,070.0p and Centrica, down 2.5p at 154.6p. Friday's economic calendar has UK GDP and industrial production figures, along with French CPI. There are no significant events scheduled in the Friday's UK corporate calendar. – Contributed by Alliance News Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Independent
10-07-2025
- Business
- The Independent
Miners help propel FTSE 100 to new record high
London's FTSE 100 hit an all-time peak on Thursday, fuelled by gains in mining stocks, as investors shrugged aside US President Donald Trump's latest tariff moves. 'The UK stock market continues to flex its muscles and show strength. Investors lapped up shares in the mining, oil and pharmaceutical sectors, showing a risk-on mood,' said Dan Coatsworth of AJ Bell. The FTSE 100 index closed up 108.64 points, 1.2%, at 8,975.66. It had earlier traded as high as 8,979.41, surpassing the previous record of 8908.82 set in March. The FTSE 250 ended up 126.84 points, 0.6%, at 21,694.70, and the Aim All-Share advanced 2.70 points, 0.4%, at 773.13. In London, mining stocks climbed after Mr Trump said he would enact a 50% copper tariff in August, sending copper prices higher. In addition, mining analyst John Meyer at SP Angel pointed to iron ore prices lifting on the back of improving China sentiment, a key user of minerals. Anglo American rose by 3.8%, Glencore by 3.9% and Rio Tinto by 4.0%. Mr Coatsworth said investors are shrugging off Trump's 'daily tariff updates, perhaps seeing them as noise and not facts'. 'For investors, that means a shift in focus back to economic data and corporate news flow as key drivers for markets,' he added. In European equities on Thursday, the CAC 40 in Paris closed up 0.3%, while the DAX 40 in Frankfurt ended down 0.4%, after earlier hitting a record peak. Stocks in New York were mixed at the time of the London close on Thursday. The Dow Jones Industrial Average was up 0.6%, the S&P 500 index was 0.2% higher, and the Nasdaq Composite was down 0.1%. The yield on the US 10-year Treasury was quoted at 4.37%, narrowing from 4.38%. The yield on the US 30-year Treasury was quoted at 4.88%, narrowing from 4.91%. Figures showed first-time applications for US unemployment benefits fell slightly last week, but the number of people continuing to receive jobless aid climbed to the highest level since 2021. According to the Department of Labour, seasonally adjusted initial claims for the week ending July 5 fell to 227,000, coming in below the FXStreet-cited consensus of 235,000 and down 5,000 from the prior week's revised figure of 232,000. The four-week moving average, a less volatile measure, also eased to 235,500 from a revised 241,250. The pound was quoted at 1.3561 dollars at the time of the London equities close on Thursday, lower compared to 1.3583 dollars on Wednesday. The euro traded lower at 1.1679 dollars, against 1.1706 dollars. Against the yen, the dollar was trading slightly lower at 146.49 yen compared to 146.53 yen. Also on London's FTSE 100, British American Tobacco rose 3.0% as Citi reiterated a 'buy' rating and raised its share price target to 3,900 pence from 3,600p. Earnings momentum is 'skewing positively' and a further re-rating is likely, in Citi's view. IAG advanced 2.1% after well-received results from US peer Delta Air Lines, which jumped 13%. Delta reinstated profit guidance for the year that it ditched three months ago, stating that demand is recovering after taking a hit in the tariff turmoil. Guidance from Delta was also strong. Insurer Legal & General gained 0.2% after it announced a private credit partnership agreement with Blackstone that it said will help address growing demand for public-private hybrid investment products. The London-based insurer said the partnership will combine the 'strength of L&G and Blackstone's respective credit platforms to enhance L&G's competitive advantage in annuities and bolster its asset management proposition in key geographies and channels.' WPP rallied 1.1%, after naming Microsoft executive Cindy Rose as its new chief executive a day after shares fell heavily in the wake of a profit warning. The London-based advertising agency said Rose will join WPP on September 1. Rose succeeds Mark Read who will step down as chief executive at that time but support the transition until the end of the year. WPP said Rose has 'extensive experience' in the technology, telecommunications, media, entertainment and creative industries. Topping the FTSE 100 fallers, Land Securities fell 2.5% as Jefferies downgraded to 'underperform' from 'hold'. PageGroup lost 0.8% after it said its gross profit decline worsened in the second quarter of the year amid 'ongoing market and tariff-related uncertainty'. The Surrey, England-based recruitment firm reported a 'slight deterioration in activity levels' in Continental Europe, though 'some improvement' in Asia and the US. Vistry fell 0.8% after the Kent-based house builder said it expects first-half adjusted operating profit to be around £125 million, in line with expectations, but down 23% from £161.8 million a year prior. It expects adjusted pre-tax profit of around £80 million, down 34% year-on-year from £120.7 million. Net debt as at June 30 is 'significantly' better than expectations, Vistry said, at £295 million, lower than £322.0 million a year prior. In addition, Vistry said it has successfully extended its £500 million revolving credit facility and £400 million term loan to April 2028, with full support from existing eight lenders on unchanged terms. RBC Capital Markets said the update was 'better than we had expected, and the self-help is working, but we were ahead of guidance and self-help alone won't cure the patient'. Jefferies pointed out reiterated guidance should also reassure, but added the 70% skew in guided pre-tax profit to the second half of 2025 'reminds us there remains much to do'. RBC agreed, saying a 'big' second half is required for Vistry to meet its full-year numbers. 'Completions, sales rates, site numbers, the forward orderbook and land purchases are down year-on-year as the group focuses on operations rather than growth following several profit warnings last year,' RBC noted. The company called the UK Government's £39 billion affordable homes programme, announced in June, as 'unprecedented' and 'transformative'. Brent oil was quoted lower at 68.89 dollars a barrel at the time of the London equities close on Thursday, from 70.30 dollars late on Wednesday. Gold was quoted higher at 3,320.06 dollars an ounce against 3,308.72 dollars. The biggest risers on the FTSE 100 were Rio Tinto, up 171.0 pence, at 4,447.5p, Glencore, up 11.7 pence at 309.9p, Ashtead Group, up 180.0p at 4,920.0p, Anglo American, up 82.0p at 2,252.0p and Smith & Nephew, up 40.5p at 1,155.5p. The biggest fallers on the FTSE 100 were Land Securities, down 15.0p at 580.5p, Hiscox, down 22.0p at 1,227.0p, SSE, down 32.5p at 1,853.5p, Babcock International, down 18.0p at 1,070.0p and Centrica, down 2.5p at 154.6p. Friday's economic calendar has UK GDP and industrial production figures, along with French CPI. There are no significant events scheduled in the Friday's UK corporate calendar.
