The FTSE 100 index opened with slight gains as energy and mining stocks surged while pharmaceutical and consumer sectors saw losses. The index trades at 10,220 up 12 points as crude oil prices jumped and metal producers showed increased market strength.
Energy stocks were among the top contributors after Brent crude climbed to a four-month high of $67.61 per barrel, fueled by geopolitical concerns and a weaker US dollar.
BP advanced 1.35% to £458.15 while Shell also posted a gain of 1% and it reflects improved earnings expectations at higher oil prices.
Anglo American rose 2.5% to £3,535 and Antofagasta gained close to 2%, with strength in copper and industrial metals.
Endeavour Mining also advanced 3.5% to £4,496, backed by gold prices trading above $5,250 an ounce.
Marks & Spencer gained 1.70% to £371.50.
On the downside, AstraZeneca slipped 1.57% to £13,662 while GSK declined 2.15% to £1,822. This scenario dragged the healthcare sector lower.
Luxury retailer Burberry stayed under pressure, falling 2.82% to £1,137 as concerns over global consumer demand and China exposure continued to weigh on sentiment.
Games Workshop dipped 0.51 to £17,590, while Diploma backed 1% to £5,435.
The US dollar index has fallen 3.5% over the past two weeks, with President Trump indicating comfort with a weaker dollar to boost export competitiveness.
Analysts at Peel Hunt cautioned that while gradual dollar weakness is manageable, sharp declines alongside rising US Treasury yields could signal capital flight.
Despite currency volatility, equity markets have largely shrugged off FX moves.
British Land and Life Science REIT have reached an agreement on a cash-and-share offer that values the real estate investment trust at around £150 million.
As part of the deal, Life Science REIT shareholders will receive £14.1 in cash plus 0.07 new British Land shares for every share held.
The offer represents a 21% premium to the closing price of £35.4p as of 27 January.
Pets at Home said revenues edged 0.8% higher to £472 million in the 12 weeks to 1 January, growing by 5% in its veterinary business.
Retail revenues fell 1.1%, although the company said this represented an improvement after positive volume growth across food and accessories.
Interim executive chair Ian Burke said the company’s turnaround efforts have included reducing the price of over 1000 products by an average of 12%.
Also Read: Stock Market Today: Sensex at 82,259, Nifty Above 25,300; Vedanta Share Price Rises 3.4%
The Dow Jones Industrial Average fell overnight, but the S&P 500 rose 0.4%, and the Nasdaq Composite rallied 0.9% ahead of tech sector results.
Nikkei 225 recovered from a poor start to stand slightly higher, while Hong Kong’s Hang Seng index is up by more than 2%.
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