FTSE 100 lifted by miners rally; mid-cap index scales first record high since 2021
Market Performance and Key Movers
Aug 4 (Reuters) - London's FTSE 100 rose on Tuesday, as gains in metal miners helped offset a slide in energy shares, while the mid-cap index climbed to a record high for the first time in nearly five years.
The FTSE 100 index climbed 0.2% to 10,879.38 points, while the mid-cap FTSE 250 index gained 0.97% to 24,459.30.
Miners Lead the Gains
• Industrial metal miners such as Antofagasta and Anglo American advanced 6.85% and 5.45%, respectively, as copper prices touched two-month highs, supported by falling inventories. [MET/L]
Precious Metals Performance
• London-listed shares of Fresnillo jumped 5.2% after the precious metals miner reported higher revenue in the first half of the year.
Energy Sector Declines
• Energy index fell the most, down 3.19% as Brent crude fell 5.34% to $79.30 a barrel on hopes of a U.S.-Iran deal that could reopen the Strait of Hormuz.
Oil Majors Under Pressure
• BP fell 4.91% and Shell lost 2.47%. BP reported second-quarter profit that more than doubled to $5.73 billion and beat analysts' forecasts, but its shares came under pressure as oil prices slumped.
Banking and Financials
• HSBC dipped 0.8%, having hit a record high earlier in the session, after the bank raised its net interest income target for this year.
Index Trends and Broader Sentiment
• The FTSE 100 is rebounding after three sessions of declines, and held below a record high hit last week.
Global Market Influence
• Broader sentiment was supported by upbeat U.S. earnings. The S&P 500 and the Dow hit record highs after strong forecasts from Caterpillar and Palantir reassured investors about AI-driven demand.
Significant Movers in the Mid-Cap Index
Top Gainers
Travis Perkins
• Among other movers, Travis Perkins jumped 18.4% after the building materials supplier reported higher first-half profit, helped by price increases and cost-cutting measures. It was the top gainer in the FTSE 250 index.
Segro
• Segro gained 0.8% after the British warehouse landlord accepted a takeover bid by rival U.S. logistics firm Prologis in a deal worth up to £14.3 billion ($19.19 billion).
Top Loser
Smith+Nephew
• Smith+Nephew was the top FTSE 100 loser, down 6.3% after the medical products maker lowered its revenue growth forecast.
(Reporting by Sruthi Shankar and Medha Singh in Bengaluru ; Editing by Sonia Cheema and Joyjeet Das)
