FTSE 100 Up Marginally; Energy, Mining Stocks Rise
(RTTNews) - The UK stock market was up marginally about an hour past noon on Monday, supported largely by gains in energy and mining stocks.
The mood in the market, however, remains cautious amid concerns over the political developments in France, where Prime Minister Sebastien Lecornu stepping down hours after unveiling his cabinet.
Energy stocks are gaining some ground in positive territory as oil prices climbed higher after OPEC+ announced a modest 137,000 bpd increase in production, much lower than the feared 500,000 bpd hike.
Mining stocks are finding support as gold prices climbed up, lifted by concerns about U.S. government shutdown, and rising prospects of more interest rate cuts by the Federal Reserve.
The benchmark FTSE 100 was up 16.75 points or 0.19% at 9,508.00 about an hour past noon.
Among the prominent gainers, Prudential was up 2.75%, BP moved up 2.3%, Glencore climbed nearly 2%, and JD Sports Fashion added 1.4%.
Shell, SSE and AstraZeneca were also up in positive territory with notable gains.
Among the losers, shares of paper and packaging company Mondi tanked nearly 14%, after the company warned of weak demand and falling prices across most pulp and paper grades.
Kingfisher was down 2.3%, while Bunzl, Schroders, United Utilities, BAE Systems, Severn Trent and 3i Group were down 1.4 to 2%.
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