London Stocks Inch Up on Mining Gains Amid Economic Uncertainty
London stocks saw slight gains on Monday, driven by the rise in mining shares, despite a slump in automaker stocks. The FTSE 100 increased by 0.11%, aided by a surge in precious metal miners as gold reached a new high. Investor caution persisted amid economic data and Federal Reserve comments.
London's stock market edged higher on Monday, buoyed by a rise in mining shares that balanced out losses in the automotive sector. The benchmark FTSE 100 saw a slight increase of 0.11%, with the FTSE 250 up by 0.07%. This uptick was primarily driven by a 6.1% surge in precious metal miners as gold prices hit record highs.
Endeavour Mining led the FTSE 100 by climbing 6.9%, while midcap stock Hochschild jumped 8.4%. Meanwhile, other mining giants like Glencore and Rio Tinto experienced gains of around 2%, with the broader industrial metal miners index rising by 1.6%.
The stock market gains were tempered by a 2.3% decline in British automaker and parts stocks, following Porsche's scaled-back electric vehicle plans and subsequently revised profit outlooks for 2025. Investors were also cautious in the face of sterling's strength and more broadly, economic uncertainties framed by recent UK borrowing figures that exceeded forecasts.
(With inputs from agencies.)
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