FTSE 100 opens slightly higher; precious metal miners cap gains
3:34 am Monday, October 07th, 2024
(Reuters) – The UK’s benchmark FTSE 100 started the week on a higher note, supported by a broad-based rally and a softer jobs market report, while precious metal mining stocks fell, capping gains.
The blue-chip FTSE 100 rose 0.1% by 0715 GMT, while the mid-cap FTSE 250 was flat.
The majority of the sectoral indexes traded in the green, with the industrial support services index leading gains with a 0.6% surge.
On the flip side, precious metal miners tumbled 3% to the lowest levels in nearly a month as bets firmed for a smaller U.S. rate cut in November after strong jobs data. [GOL/]
Britain’s jobs market showed more signs of cooling in September as pay growth increased at the slowest pace in almost four years, likely reassuring the Bank of England as it considers whether to cut borrowing costs again.
Additionally, British house prices rose in September at the fastest annual pace since November 2022, as expectations of further reductions in borrowing costs added to momentum in the property sector.
In company news, BP has abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm’s energy transition strategy to regain investor confidence. The industry heavyweight was up 0.4%.
Shell’s refining profit margins dropped sharply in the third quarter from the previous three months, while oil product trading earnings also weakened.
(Reporting by Khushi Singh in Bengaluru; Editing by Janane Venkatraman)
