FTSE 100 Live: Precious-metals miners lead gains as mid-caps outperform Proactive uses images sourced from Shutterstock
FTSE 100 adds 0.1% to around 10,767
FTSE 250 outperforms with 0.27% gain
Fresnillo and Endeavour Mining lead blue-chip risers
Admiral, Aviva and Antofagasta trade ex-dividend
UK services PMI due at 9.30 am
8.15 am: Precious-metals miners lead tentative advance
The FTSE 100 edged higher in early trading on Thursday, adding approximately 11 points, or 0.1%, to 10,767 as precious-metals miners led the risers.
Fresnillo gained 1.9% to 3,133p, while fellow gold producer Endeavour Mining advanced 1% to 4,616p following an overnight increase in gold futures.
St James’s Place climbed 1.4%, followed by Associated British Foods, British Airways owner International Consolidated Airlines Group, JD Sports, Weir Group and SSE.
The stronger gains were recorded outside the blue-chip index. The FTSE 250 added approximately 0.27% to 24,390, while the FTSE AIM All-Share was recently 0.59% higher at 794.65.
Among the fallers, Admiral Group declined 1.8%, Smith & Nephew lost 1.7%, Aviva retreated 1.4% and M&G fell 1.4%.
Movements in Admiral, Aviva and copper producer Antofagasta, which was down 0.8%, were influenced by the shares trading without entitlement to their latest dividends.
The opening performance suggests a cautiously positive tone, with mid-caps and smaller companies outperforming while precious-metals producers provide support at the top of the market.
7.00 am: London set for subdued start as overnight mood improves
The FTSE 100 is expected to make a cautious start on Thursday as an overnight recovery in technology stocks and calmer bond markets is offset by continuing uncertainty surrounding the US-Iran conflict.
IG’s out-of-hours FTSE 100 quote stood at approximately 10,752 shortly before 7 am, suggesting a broadly flat to marginally lower opening relative to Wednesday’s cash close.
London’s blue-chip index finished Wednesday 0.3% lower at 10,756.45 as elevated oil prices, rising government borrowing costs and weakness among technology and consumer companies weighed on sentiment. The FTSE 250 underperformed, dropping 0.63% to 24,367.33. FTSE 100 close
Sentiment improved on Wall Street, where the Dow Jones Industrial Average rose 295 points, or 0.56%, to 53,061.95. The S&P 500 gained 0.46% to 7,666.60 and the Nasdaq Composite advanced 0.45% to 26,217.83.
Technology stocks helped drive the recovery, with Nvidia gaining more than 3% and Dell Technologies surging almost 16% following strong results and indications of robust demand for artificial-intelligence infrastructure. The Russell 2000 small-cap index outperformed with a 1.1% gain.
Bond markets also showed signs of stabilising following Wednesday’s global sell-off. The US 10-year Treasury yield eased to approximately 4.77%, having recently climbed amid concerns about inflation, government debt and the possibility of further interest-rate increases.
Asian markets were mostly higher on Thursday, tracking Wall Street’s recovery. Japan’s Nikkei 225 added around 0.2%, South Korea’s Kospi climbed 1.4% and Hong Kong’s Hang Seng edged 0.1% higher. Technology companies were among the stronger performers.
In Australia, the S&P/ASX 200 closed Thursday 0.4% higher on below-average trading volume. Seven of the market’s 11 sectors advanced, led by a 1% rally among financial stocks.
Oil prices retreated after their recent geopolitical surge. Brent crude futures were trading around US$94.60 a barrel shortly before 7 am, down roughly 1.1%, while West Texas Intermediate eased to approximately US$90.20.
Prices remain elevated as investors monitor renewed fighting between the United States and Iran and the risk of disruption to energy shipments through the Strait of Hormuz. The decline from Wednesday’s highs may reduce some inflation concerns while limiting potential support for BP and Shell.
Precious metals moved higher as bond yields and the dollar eased. Gold futures gained around 1.3% to approximately $4,472 an ounce, while silver rose by a similar percentage. Spot gold was nearer $4,412. Copper futures slipped 0.2% to around $6.58 per pound.
The contrasting commodity moves could produce a divided session for London’s mining sector, with precious-metals producers potentially benefiting while copper-exposed companies contend with further weakness in the industrial metal.
Sterling was trading around US$1.349 against the dollar, while Bitcoin stood near $77,400, down approximately 0.4% after moving between US$76,308 and US$77,827.
Attention in the UK will turn to the final services and composite purchasing managers’ indices at 9.30 am. The previous readings were 52.1 for services and 52.2 for the composite index, both above the 50 level separating growth from contraction.
Individual blue-chip movements may also be affected by companies trading without dividend entitlement, including BHP, Admiral, Antofagasta and Aviva.
Early direction will therefore depend on whether the improvement in global technology and bond-market sentiment can outweigh continued geopolitical risk and uncertainty over interest rates.