-

FTSE Today: Mining stocks power FTSE 100 higher despite broader market concerns

London markets delivered mixed results on Wednesday. The blue-chip FTSE 100 defied inflation and Federal Reserve worries, closing 0.4% higher at 7,847.99. This rise was driven by a surge in mining stocks, which had fallen …

London markets delivered mixed results on Wednesday. The blue-chip FTSE 100 defied inflation and Federal Reserve worries, closing 0.4% higher at 7,847.99. This rise was driven by a surge in mining stocks, which had fallen earlier in the week on mixed economic data from China.

Elsewhere, the FTSE 250 ended down 0.2% at 19,340.14, and the AIM All-Share closed up 0.7% at 743.12.

Miners Rebound

Rio Tinto rose 2.6% despite reporting lower quarterly iron ore shipments and production. Anglo American gained 3.5%, even though their latest rough diamond sales were lower than a year ago. Fresnillo climbed 2.9%, and Antofagasta added 2.8%, although both companies reported weaker-than-expected first-quarter copper output.

Other Movers

Entain, the owner of Ladbrokes and Coral, advanced 1.0% after a positive first-quarter trading update fueled by successful US sporting events.

Royal Mail Takeover Rejected

International Distribution Services (IDS), the owner of Royal Mail, saw a 29% surge in its share price after rejecting a takeover proposal from EP Corporate Group.

Severfield Announces Buyback

Smaller company Severfield enjoyed positive news, announcing a share buyback program and projecting better-than-expected full-year results, leading to a 19% increase in its share price.

Scirocco to Delist from AIM

The AIM market saw a significant decline from sustainable energy investment firm Scirocco after the company announced plans to delist from the market, citing the high costs and administrative burdens associated with maintaining a listing. The firm’s share price plummeted by 9.1%.

Daily Risers and Fallers

FTSE All-Share risers:
International Distributions Services 28.9%, Severfield 19.3%, Cab Payments 13.7%, Petrofac 9.9%, Liontrust Asset Management 7.8%.
FTSE All-Share fallers:
Kainos Group -6.4%, Auction Technology Group -5.0%, Alfa Fin -4.4%, Residential Sec -4.3%, Metro Bank -4.2%.

Daily Recap


Subscribe to Investomania for more FTSE news and updates.

Sign up for Investomania

Subscribe to the Investomania newsletter to have our daily recap delivered directly to your inbox.

No spam. Unsubscribe anytime.