FTSE 100 Pares Early Gains; Mining Stocks Stay Firm
(RTTNews) - Despite opening on a firm note, the UK stock market's benchmark index FTSE 100 slipped toward the flat line by noon on Monday with the mood turning cautious as investors looked ahead to the Bank of England's monetary policy meeting later this week.
The bright start was thanks to Iran and the U.S. reaching an agreement to end the conflict in the Middle East and reopen the Strait of Hormuz. Oil prices fell sharply, easing concerns about inflation. However, the sharp drop in oil prices took a toll of energy stocks, contributing significantly to market's fall from higher levels.
The FTSE 100, which rose to 10,569.50 in early trades, dropped to a low of 10,474.48, and was at 10,486.93, up 15.21 points or 0.15%, a little while ago.
Miners moved up sharply. Fresnillo, Antofagasta and Endeavour Mining climbed 7.5%, 6% and 5.7%, respectively. Anglo American Plc gained 3.2% and Rio Tinto moved up 1.5%.
Rolls-Royce Holdings rallied 4.3%. Halma gained 4.2% and Weir Group advanced nearly 4%. Polar Capital Technology Trust, Mondi, Melrose Industries, IAG, IMI, Howden Joinery Group, Smiths Group, Barratt Redrow, Lion Finance and Spirax Group moved up 2%-3.4%.
Standard Chartered, Barclays, HSBC Holdings, Natwest Group, Prudential, Berkeley Group Holdings, F&C Investment Trust, Intercontinental Hotels Group, Marks & Spencer and Bunzl also posted strong gains.
Energy stocks Shell and BP shed 4.4% and 3.4%, respectively, as brent crude futures tumbled to $82.52 a barrel, losing about 5.5%.
BT Group drifted down nearly 3%. United Utilities Group, Vodafone Group, Centrica, BAE Systems, Severn Trent, Burberry Group, Airtel Africa, Scottish Mortgage and National Grid also drifted notably lower.
IEA Cuts Oil Demand Forecast; Canadian Markets Eye Recovery
Canadian Dollar Falls As Oil Prices Edge Lower
Kroger Q2 Profit Rises, Backs FY26 Adj. Earnings View, Cuts Sales Growth Forecast; Stock Drops
UK Stocks Rise On GDP Growth, Oil Price Decline
French Stocks Rise On Oil Price Drop, Middle East Concerns Persist
Indian Shares End Off Day's Lows As Oil Prices Ease
German Stocks Move Modestly Higher As Oil Prices Fall Sharply
