FTSE 100 Live: Index Edges Higher Despite Elevated Oil Price

The FTSE 100 opened higher, rising 15.30 points to 9,982.65, despite Brent crude prices surging above $115 per barrel. The index managed to hold gains despite global market weakness, highlighting strength in energy and mining stocks.

Energy and Mining Stocks Drive Gains

Gains in commodity-linked stocks supported the index, with Rio Tinto rising 3.24% to £6,757 as metal prices remained firm. Similarly, Glencore advanced 1.50% to £546.50, reflecting continued demand for commodities.

Shell gained 1.35% to £3,529, while utility player SSE climbed 1.49% to £2,519, benefiting from defensive sector flows amid market uncertainty.

Also, Burberry rose 1.80% to £1,045.

Decliners: Financials and Consumer Stocks Weigh

On the downside, St. James's Place declined 1.54% to £1,148.50, while Lion Finance Group fell 1.29% to £9,205, reflecting weakness in financial stocks.

Reckitt Benckiser slipped 0.35% to £5,146, and Spirax Group edged lower by 0.30% to £6,575.

Meanwhile, Games Workshop declined 0.73% to £17,670, while Coca-Cola Europacific Partners backed 0.29% to £6,970.

Boohoo Profits Increase

Boohoo, the online fashion retailer, reported a jump in pre-tax profit. Boohoo now (Debenhams) saw pre-tax profit jump 36%, reaching £53 million in its recent financial results. 

The rise was fueled by cost reductions, including warehouse consolidation and resizing its stock base. The group’s capital expenditure fell from £28 million to £16 million. 

Cash lease costs are expected to drop from £18 million to £13 million after exiting a number of leases in the US. 

Halo Minerals Debut 

A copper extracting company from legacy mining waste in northern Chile, Halo Minerals, has raised £4 million and listed on AIM.

The shares dropped 4% to £17.25 from the £18 issue price of the initial public offering. Operations are focused on processing tailings at the 100% owned Playa Verde project in the Atacama region, the prolific copper-producing area where BHP's Escondida mine is based.

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Global Market View

In Asia, the markets declined amid increasing oil prices above $115 and Trump saying he is considering seizing Iran’s Kharg Island. 

South Korea’s Kospi backed 3.3% to 5,254.6 points, with Japan’s Nikkei 225 declining 3%. India recorded losses across both its markets, with the Nifty 50 dropping 1.5%, while the Sensex fell 1.6%. 

China’s Hang Seng index fell 1% while the CSI 300 dipped 0.3%. 

In the US on Friday, the S&P 500 index declined 1.7%, its worst run since 2022, resulting in its fifth consecutive weekly decline. Nasdaq fell by over 3% last week.