The FTSE 100 index of large-cap stocks advanced towards a new record led by defence and mining stocks. The index has been flirting with the 10,000 level this month despite rising geopolitical tensions.
While defence and mining stocks led the rally, ‘defensive’ sectors such as telecoms, tobacco and utilities were the main losers. That suggests investors are still keen to take on risk even with the market approaching a new record high.
Counter-intuitively, oil prices fell despite potentially higher volatility in crude prices following the US kidnapping of Venezuela’s leader over the weekend. Brent crude traded 28c or roughly 0.5% lower at $60.47 as investors dismissed fears over a supply shortage.
Venezuela has the world’s largest unexplored reserves of crude oil, but it is low-grade and hard to extract. As a result, production is just 800,000 barrels of oil per day or less than 1% of global production according to analysts.
Top FTSE 100 gainers and losers
| Gainers | Change | Losers | Change |
| BAE Systems (BA.) | +4.7% | Endeavour Mining (EDV) | -3.7% |
| Babcock Intl (BAB) | 4.4% | BT Group (BT.A) | -2.3% |
| Fresnillo (FRES) | +3.8% | Imperial Brands (IMB) | -2.3% |
| Antofagasta (ANTO) | 3.1% | Bunzl (BNZL) | -1.7% |
| Anglo American (AAL) | +3.0% | Howden Joinery (HWDN) | -1.6% |
Source: Marketscreener.com
Disclaimer: This content is for information only and is not investment advice. Always do your own research before investing. Click here to see full disclaimer.
