(Reuters) -Britain's FTSE 100 edged up higher on Tuesday as industrial miners advanced after Anglo American jumped on a merger deal. The blue-chip FTSE 100 edged up 0.1% by 0927 GMT, while the
FTSE 100 Gains on Energy and Mining Stocks; Anglo American Surges
Market Overview and Key Movers
(Reuters) - Britain's FTSE 100 closed higher on Tuesday, boosted by energy and industrial mining stocks, as Anglo American jumped on a merger deal.
Performance of Energy and Mining Stocks
The blue-chip FTSE 100 closed up 0.2%. The domestically focussed mid-cap index ended 0.4% lower, weighed down by consumer discretionary stocks.
Impact on Consumer Discretionary and Retail
Industrial miners rose 2.7%, led by Anglo American, which rose 9.1%, to top the FTSE 100, after the miner said it has agreed to merge with Canada's Teck Resources in a $53 billion deal to form a newly combined company Anglo Teck.
Bank Stocks Performance
"The deal is a win for the UK stock market as the enlarged Anglo Teck group will have its primary listing in London," said Russ Mould, investment director at AJ Bell.
Other Notable Market Movements
"Anglo clearly believes the UK works well as a listing venue and that sends a positive message to other businesses undergoing M&A."
Energy stocks advanced, tracking higher oil prices after an Israeli attack on the Hamas leadership in Qatar. [O/R]
Shell rose 1%, while BP advanced 1.3%.
Bank stocks also rose, with top lenders NatWest and Barclays among the top performers on the benchmark index.
On the flip side, personal goods stocks lost 6.7%, with Burberry falling 8.3% on cautious comments at a luxury conference.
The homebuilders' index also fell, with Berkeley down 1.8%, while Vistry fell 4.6%.
Though a survey showed British shoppers spent more in August, helped by summer weather, retail stocks declined 1.7%, dragged down by Dunelm, which fell 9.9% to the bottom of the mid-cap index after it cautioned that it had yet to see signs of sustained recovery in consumer demand.
Other retailers, such as JD Sports Fashion and Howden Joinery, also fell.
Among other moves, the London Stock Exchange Group fell 4.7% to the bottom of the FTSE 100. Unilever was down 1.5%.
Computacenter gained 3.8% after flagging a strong start to the third quarter.
Insurer Phoenix Group was up 1.8%, following a 7.6% decline in the previous session when it said it would rebrand as Standard Life in March 2026 and reported a larger-than-expected drop in book value due to market moves.
(Reporting by Sukriti Gupta; Editing by Tasim Zahid and Alex Richardson)
