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FTSE Today: Miners rally as gold surges

The FTSE 100 index advanced 0.4% to 7,943.47, while the FTSE 250 climbed 0.7% to 19,854.58, bolstered by gold’s hot run. The precious metal scaled new heights on Monday, quoted at $2,330 an ounce at …

The FTSE 100 index advanced 0.4% to 7,943.47, while the FTSE 250 climbed 0.7% to 19,854.58, bolstered by gold’s hot run. The precious metal scaled new heights on Monday, quoted at $2,330 an ounce at the London equities close – recording a fresh all-time high of $2,354 earlier in the Asian session.

Swiss bank UBS revised its bullish forecasts higher, now expecting gold to trade at $2,500 per ounce by the end of 2024. This upbeat outlook drove gains in gold miners, with Fresnillo surging 2.6% and Hochschild Mining leading FTSE 250 risers, up 5.4%.

Major mining stocks also prospered, as Rio Tinto soared 4.2%, Anglo American climbed 3.2%, and Glencore advanced 1.9%, benefiting from the commodity’s revival.

Bookmaker Entain, owner of Ladbrokes and Coral, emerged as a standout performer, jumping 4.7% amid rekindled bid speculation. Reports suggest the company is considering strategic options for its brands, attracting interest from private equity firms like Apollo Global Management and CVC Capital Partners.

Airlines joined the rally, buoyed by easing oil prices and prospects of lower fuel costs. easyJet gained 3.3%, while IAG, the parent of British Airways, rose 2.3%. UBS reiterated its ‘buy’ rating on easyJet, raising its target price to 850 pence.

In the FTSE 250, Currys edged up 1.1% after reports that shareholder JO Hambro urged the electronics retailer to sell its mobile division, ID Mobile, valued at around £350 million.

On AIM, Mirriad Advertising soared 37%, striking a deal with TripleLift to facilitate automated selling of its in-content advertising inventory on major platforms like Google’s DV360.

Daily Risers and Fallers

FTSE All-Share risers:
Hochschild 6.8%, PPHE Hotel 6.7%, Seraphim Sp 6.1%, Severfield 6.0%, Regional Reit 6.0%.
FTSE All-Share fallers:
McBride -13.8%, Ocean Wilsons -3.6%, Cab Payments -3.5%, SIG -3.3%, Enquest -2.9%.

Daily Recap


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