FTSE Close: Shares close higher on rate cut bets easing
London shares closed higher on Monday, led by gains in mining and industrial stocks, as traders focused on last week’s gains on Wall Street and set aside worries over interest rate hikes for now.
The blue-chip FTSE 100 index ended 0.4% higher at 7,487.71, while the domestically-focused midcap FTSE 250 index climbed 1.1% to finish at 19,075.64.
TOP MOVERS
Shares of Endeavour Mining fell 3.3% after the gold miner said it expects full-year 2023 production to drop 8% year-on-year to 1.1 million ounces, before rebounding by up to 18% in 2024.
Heat treatments provider Bodycote jumped 6.2% after unveiling plans for a £60 million share buyback programme starting in March. It also announced its failure to complete the acquisition of Stack Metallurgical Group.
Advertising firm S4 Capital slid 6.7% despite reporting fourth-quarter sales in line with expectations. It forecasts a 4% drop in full-year net revenue for 2023 amid slower client ad spending.
City of London Investment Trust climbed 7.8% after the closed-end fund investor announced an 11 pence shareholder dividend on the back of portfolio improvements.
SMALL CAPS
Junior miner Beowulf soared 35% after the Swedish government endorsed its Kallak iron ore mining project, declaring it a matter of “national interest”.
