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UK Equities and Pound Hold Firm Amid Mining Sector Strength
TOPICSTags: British Pound Sterling, FTSE100, UK
On Monday, the FTSE 100 edged marginally higher, closing at 8,424.20 (+0.047%), remaining near the record peak set last week. The modest rise was partly due to advances in heavyweight mining shares, which countered declines in rate-sensitive equities. Fresnillo’s stock climbed 4%, topping the mining sector, as it benefited from a continued uptick in silver and gold prices. Industrial miners saw significant gains as well, with both Antofagasta and Glencore increasing by 1%, fueled by optimism that economic stimulus in China will boost demand for base and ferrous metals.
In contrast, industries sensitive to interest rates faced headwinds, as Gilt yields inched upwards, affecting shares of Burberry, the Ocado Group, and Entain, all of which closed with notable losses. Furthermore, EasyJet led the downward trend with a 3.3% fall in shares, influenced by the uncertain outlook for its sector, underscored by concerns mentioned in RyanAir’s earnings report.
Buoyed by robust stock market performance, the British pound climbed to a two-month peak, trading at $1.27 against a faltering US dollar.
(FTSE 100 Index Yearly Chart)
(GBPUSD Monthly Chart)
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