FTSE 100 Live: Miners and Oil Majors Drag Index Lower as Unilever Rallies 2%

The FTSE 100 opened the week under pressure as weakness across mining stocks offset gains in defensive consumer names. Benchmark index slipped 0.4% or 42.9 points to 10,180.66 and it reflects a larger risk-off tone due to falling commodity prices, global market volatility and renewed pressure in precious metals.

Commodities Drive Market Weakness

Glencore and Anglo American both fell around 4%, Rio Tinto declined approximately 2.24% to £6,587 and Antofagasta dropped 5.04% to £3,463. 

The pullback comes as metal prices have corrected due to a stronger US dollar and continued macro concerns.

Energy stocks also weighed heavily after a sharp drop in crude oil. Brent crude fell nearly 5% to around $66 per barrel, pushing BP and Shell down about 2% each. 

Investors stay cautious about the sector ahead of earnings, with Shell expected to report a year-on-year profit decline of more than 20% later this week.

Among others, Rolls-Royce slipped 1.4%, while HSBC declined close to 1.7%, adding to pressure on the index.

Defensive Stocks Offer Some Support

Unilever rose 2.10% to £5,044 after attracting safe-haven flows amid market volatility. 

Coca-Cola HBC also advanced 2.03% to £4,030, highlighting investor preference for earnings visibility and pricing power.

Among others, British American Tobacco gained 1.46% to £4,440, while Beazley advanced 1.41% to £1,149.

The Sage Group also jumped 1.30% to £969.80.

Precious Metals Extend Sharp Sell-Off

Gold prices fell another 9% to around $4,461 per ounce, extending Friday’s steep drop, the largest one-day decline since 2013. Silver slid an additional 13% in Asian trading, marking one of its sharpest reversals since 1980. 

The sell-off followed a surge in the US dollar and expectations of tighter monetary policy after reports of Kevin Warsh being nominated as the next US Federal Reserve chair.

Housing Data Provides Some Optimism

Nationwide reported annual house price growth of 1% in January, with prices rising 0.3% month-on-month to an average of £270,873, suggesting resilience supported by improving affordability and stable mortgage approvals.

Attention now turns to the Bank of England’s interest rate decision, with rates expected to remain at 3.75% despite inflation running at 3.4%, well above the central bank’s target. 

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Global Market View

The Dow Jones Industrial Average and the S&P 500 index fell by 0.4% on Friday and the Nasdaq Composite lost 0.9%.

In Asia, the Hang Seng index slipped by 3% and the Nikkei 225 by more than 1%.