FTSE 100 Live: Index Opens Higher as Miners Power Index; Gold Hits Records

The FTSE 100 opened higher on Monday, supported by a rally in mining stocks as gold prices surged. The benchmark index climbed about 0.4%, up around 40 points at  9,690, even as global equity sentiment remained cautious following last week’s sharp sell-off on Wall Street.

The advance came despite weakness across Asian markets and concerns over global growth, with investors favouring defensive and commodity-linked stocks amid rising uncertainty.

Gainers and Losers

Mining stocks rose as bullion prices increased nearly 1% to around $4,343 an ounce, boosting sentiment toward precious metals producers. 

Endeavour Mining jumped 4.07% to £3,682 while Fresnillo gained 3.72% to £3,012, extending recent gains. Base metals exposure also helped lift sentiment across the broader mining space.

Marks & Spencer edged 0.63% higher to £320.40, while Burberry Group advanced 1.38% to £1,290, reflecting selective buying interest in UK consumer names amid easing inflation expectations.

On the downside, Associated British Foods (AB Foods) slipped 1.34 to £2,058 after Jefferies downgraded the stock to “Underperform”, weighing on sentiment. 

St James’s Place declined 3.04% to £1,276, and Astrazeneca dipped 0.22% to £13,414. Spirax declined 0.22% to £6,715.

Corporate Developments

HSBC moved closer to taking its Hong Kong-listed subsidiary Hang Seng Bank private after an independent board committee backed the proposal. 

The deal values Hang Seng at about HK$290 billion (£27.9 billion), with shareholders expected to vote on the transaction.

Hikma Pharmaceuticals announced that its chief executive had stepped down by mutual agreement. 

Although the company reiterated its 2025 guidance, it warned of margin pressure in its injectables business and trimmed medium-term growth expectations. 

Hikma shares are down more than 20% so far this year.

Central Banks and Key Data

The Bank of England is widely expected to vote narrowly in favour of cutting interest rates to 3.75% on Thursday. 

The European Central Bank, along with Norway’s and Sweden’s central banks, is expected to keep rates unchanged.

Attention will also turn to the Bank of Japan on Friday, where markets increasingly expect a 25-basis-point rate hike. In the US, delayed labour market data and upcoming inflation readings could further shape risk appetite.

Also Read: Stock Market Today: Sensex Down 154 Points, Nifty Slips Below 26,000; ONGC Falls 2.4%

Global Market View

Global cues remained fragile. US equities closed sharply lower on Friday, with the Nasdaq Composite down 1.7%, the S&P 500 falling 1.1%, and the Dow Jones Industrial Average slipping 0.5%. 

Asian markets followed suit, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng both down around 1.3-1.5%.