Quiet open for FTSE as miners retreat, Rolls-Royce rebounds

A quiet open for UK stocks saw the FTSE 100 index nudge 0.4% lower, weighed on by miners retreating after having turbocharged the index on Friday. Rio Tinto and Glencore dropped 2.3% and 1.9%.

The FTSE 250 fared better with a 0.2% gain amid positive broker notes for jet engine maker Rolls-Royce and packaging group DS Smith, sending their shares up 1.9% and 1.5%.

Gold grabbed headlines by hitting a record $2,135 an ounce before returning some gains. But the precious metal’s gloss failed to lift the FTSE as investors booked profits following the miners’ rally.

With little corporate newsflow, the spotlight fell on payments firm Cornerstone FS which powered 25% higher on AIM as it predicted “materially” better 2023 earnings on “excellent trading momentum”.