By Sukriti Gupta (Reuters) -London's main stock indexes nudged higher on Monday, supported by industrial metal mining stocks that jumped on hopes of a stimulus from the world's largest commodity
FTSE 100 closes higher, buoyed by miners
By Sukriti Gupta
(Reuters) -The UK's FTSE 100 closed higher on Monday, led by gains in mining stocks, with investor focus on the Bank of England's policy path.
The internationally oriented FTSE 100 closed 0.2% higher.
Precious metal miners rose 3.4% to lead the gains among UK sectors, tracking a rise in gold prices. Endeavour Mining gained 4.1%, while Fresnillo advanced 3.6%. [GOL/]
Industrial miners rose 3.1%, tracking a rise in iron ore and steel prices after China announced the start of construction on its mega-dam project in Tibet, which is expected to drive significant demand for construction-grade steel.
Glencore gained 3%, Anglo American rose 3.3%, Antofagasta advanced 4.7%, and Rio Tinto up 2.7%.
Media stocks were the laggards on the index with a 1.1% fall. Informa fell 1.7%.
The aerospace and defence index lost 1%, led by a 2% fall in BAE Systems.
The domestically oriented midcap FTSE 250 index rose 0.5%, with biotech group Oxford Nanopore Technologies rising 19.2%, highest since January 2024, on higher half-year revenue expectations.
Conversely, MONY Group fell 6.9% after the British price comparison platform's first-half gross margin dropped to 66% from 68% a year ago.
Traders are currently pricing an 85% chance of a 25-basis-point BoE cut next month, as per data compiled by LSEG.
Meanwhile, a Deloitte survey showed British consumer sentiment had a marked fall for the first time in nearly three years last month, reflecting increased worries about job security.
The Bank of England has asked some lenders to test their resilience to potential U.S. dollar shocks, three sources told Reuters.
In corporate updates, BP named Albert Manifold, the former boss of building materials producer CRH, as its new chairman on Monday.
The Financial Times reported on Sunday that London Stock Exchange Group is weighing whether to launch 24-hour trading and is looking into the practicalities of increasing its trading hours. Shares of LSEG were down 1.6%.
(Reporting by Sukriti Gupta in Bengaluru; Editing by Leroy Leo and Shailesh Kuber)
