The FTSE 100 index opened flat on Monday, October 6, down 2 points to 9,491 as gains in oil and mining stocks offset steep losses in packaging firm Mondi, which plunged after issuing a disappointing third-quarter trading update.

Mondi Plunges on Earnings Drop

Shares of Mondi tumbled 14% to £898.6, hitting their lowest level in a decade after the packaging and paper giant reported a sharp fall in third-quarter earnings to €223 million (£193.5 million). That compares with €290 million in Q1 and €274 million in Q2.

The company cited soft demand and declining paper prices as key drags and warned that “challenging trading conditions are expected to persist for the remainder of this year.” 

Oversupply in key markets and fragile demand-side confidence are likely to weigh further on profitability in the near term.

Energy Stocks Lift the Index

Oil producers and miners offered a bright spot. A smaller-than-expected production hike by OPEC+ drove Brent crude up 1.5% to $65.53 a barrel, lifting shares of UK-listed energy companies.

BP climbed 1.24% to £429, adding £5.25, while Glencore gained 0.95% to £351. Fresnillo, a precious-metals miner, led sectoral gains, up 1.73% to £2,354.

Mining group Endeavour Mining added 1.16% to £3,148, and insurer Prudential rose 0.89% to £1,019.50, helping offset losses from consumer-facing names.

Other Movers and Global Context

Outside the energy complex, AstraZeneca advanced £118 to £12,768, while GSK fell £27.5 to £1,601. NatWest slipped £5.2 to £542.8, and luxury carmaker Aston Martin Lagonda, listed on the FTSE 250, dropped 6% to £76 after trimming its full-year guidance.

In Japan, the Nikkei 225 surged 4.75% to a record high following Sanae Takaichi’s leadership victory, which boosted expectations for a major fiscal stimulus package. 

The yen fell 1.5% against the dollar and euro, its biggest one-day decline in five months, as investors priced in potential rate-cut signals.

IPO Activity in London

London’s new-issue market saw fresh momentum after Shawbrook Bank confirmed plans for a main-market IPO, joining Princes Group and Beauty Tech Group, which recently announced listings. 

Shawbrook, with a £17 billion loan book, said an IPO would “mark an important milestone” as it targets expansion into new customer segments.

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Outlook 

Overall, the FTSE 100’s resilience reflected a balance between strong energy stocks and pressure on cyclical names. Traders remain focused on global growth signals and upcoming corporate earnings to gauge whether the index can sustain record-high levels through October.