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The FTSE 100 opened 20 points higher to reach 9,629.62, as mining and defence stocks helped lift the benchmark despite renewed pressure on WPP amid expectations that the advertising giant will soon fall out of the blue-chip index after nearly three decades.
Improvement across the commodities sector boosted several FTSE 100 constituents. Endeavour Mining rose 3.63% to £3,424, Fresnillo gained 3.55% to £2,564, Antofagasta jumped 2.10% to £2,727, and Rio Tinto increased by 0.89% to £5,448.
The renewed appetite for metals followed softer US Treasury yields, which typically support commodity-linked equities.
The rally extended into industrial names as well. BAE Systems climbed £20 to £1,641, while Rolls-Royce advanced £5.5 to £1,050.5.
Healthcare also contributed modestly, with AstraZeneca up 0.53% to £14,174, reflecting steady defensive buying.
WPP’s shares declined to £301.2, edging the group closer to losing its long-held FTSE 100 position. With a market valuation now near £3.2 billion, analysts expect British Land to replace WPP in the December reshuffle. The update scheduled for Tuesday’s closing prices will be decisive.
Unilever slipped 0.57% to £4,526, Reckitt Benckiser fell 0.48% to £5,842, and Diageo retreated 1.27% to £1,711.
Next also saw a 0.83% decline to £13,810 as part of broader retail weakness. Soft drink giant Coca-Cola Europacific Partners traded mildly lower by 0.29% to £6,910, extending a sluggish week for beverage majors.
National Express owner Mobico slid further to £20.1 after signalling that full-year operating profit will land at the lower end of its £180 million-£195 million guidance.
The firm reported a 3.2% decline in UK revenues and announced a large-scale cost-reduction programme to offset rising competition and faltering consumer demand.
Weakness also persisted across hospitality shares after the sector criticised next April’s above-inflation minimum wage increase.
UKHospitality warned that the new rates, up 4.1% for adults and 8.5% for 18-20-year-olds, will impose £1.4 billion in additional operating costs.
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Pets at Home rose slightly to £218, but the retailer revealed a steep 33% drop in half-year underlying profit to £36.2 million, driven by an 84% collapse in retail division earnings. The company maintained full-year guidance and noted improvement in second-quarter trading.
Stronger US and Asian markets added to the supportive tone. The S&P 500 rose 0.9%, the Dow Jones jumped 1.4%, and Japan’s Nikkei 225 gained 1.8% as traders priced in a rising probability now 82% of a December Federal Reserve rate cut.
