FTSE 100 gains as mining stocks boosted by gold rebound
The blue-chip index outperformed European rivals on Monday, with miners including Endeavour, Anglo American and Fresnillo among the top gainers.
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Your support makes all the difference.The FTSE 100 rose on Monday with gains among commodity stocks helping it outperform its European counterparts.
London’s blue-chip index rose 45.71 points, or 0.57%, to end the day at 8,109.32.
Among the top gainers were miners including Endeavour, Anglo American and Fresnillo, amid an increase in gold bullion prices.
Melrose Industries led the risers after GKN Aerospace, which it owns, posted a jump in revenue for the last four months.
Russ Mould, investment director at AJ Bell, said: “Historically, Melrose bought up industrial businesses and executed a buy, improve, sell model – investors will hope the ‘improve’ bit has been retained.”
At the end of the day in Europe, Frankfurt’s Dax index fell 0.11%, while the Cac 40 in Paris rose 0.12%.
In New York a little while after markets had closed in Europe the S&P 500 had gained 0.47%, while the Dow Jones was 0.01% lower.
On currency markets the pound was trading 0.32% higher against the dollar at 1.2657 and had fallen 0.13% against the euro at 1.1962.
In company news, it was reported that Shein is targeting a London stock market float early next year.
The Chinese-founded fast fashion firm is preparing to launch an initial public offering (IPO) on the London Stock Exchange in the first quarter of 2025, The Times reported.
The blockbuster float is expected to value the retail giant at around £50 billion.
Meanwhile, commercial real estate firm Segro confirmed that its planned takeover of warehouse firm Tritax EuroBox had collapsed.
It comes after Canadian asset manager Brookfield outbid Segro in a bid to buy Tritax EuroBox.
Brookfield said last week that it will nevertheless sell around 470 million euro (£392.5 million) of former Tritax property assets to Segro.
On Monday, Segro said its all-share takeover deal for Tritax, which it agreed in early September, “has lapsed”.
Segro shares fell 0.16% on Monday.
Brent Crude Futures were up 2.87% to 73.08 US dollars at the close of trading.
The biggest risers on the FTSE 100 were Melrose Industries, up 37.1p to 526.6p, DCC, up 195p to 5595p, Endeavour Mining, up 53p to 1582p, Intermediate Capital, up 44p to 2042p, and BT, up 2.75p to 144.75p.
The biggest fallers were B&M European, down 30.5p to 347.9p, Vistry, down 39p to 660p, ConvaTec, down 9.2p to 239.6p, Land Securities, down 20.5p to 584.5p, and easyJet, down 12.4p to 524.4p.