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FTSE 100 at the close: Anglo American, Glencore, Rolls-Royce


By Patrick Munnelly, Market Strategist, Tickmill

On Monday, the FTSE 100 in the UK declined, primarily driven by losses in energy and mining stocks, seeing a decrease of 0.22% by the close. Movements in energy and mining stocks can have a significant impact on the FTSE 100, reflecting the market’s sensitivity to developments in these sectors. The oil and gas industry experienced a 2.0% decline due to the continuous pressure caused by the OPEC+ decision and uncertainty regarding the growth of global fuel demand, leading to a drop in crude oil prices.

Anglo American and Glencore hit by strengthening Dollar

Industrial metal miners saw a decrease of 2.5% as copper prices fell from their four-month highs, which was attributed to the strengthening of the dollar. Anglo American LON:AAL and Glencore LON:GLEN continue to battle it out for the bottom spot on the blue chip index, currently Anglo are sitting at the bottom of the FTSE down 3.5% with Glencore in hot pursuit shedding 2.6% on the session.

JP Morgan raises target price for Rolls-Royce

On the positive side of the ledger, shares of Rolls-Royce LON:RR., the British engineering company, saw an increase of  3.14%, reaching 285.4p. This surge made it the top gainer on the FTSE 100 index. The last time the shares reached this level was in September 2019, making it the highest point in over four years. JPMorgan, a financial institution, raised its target price for Rolls-Royce from 235p to 400p and upgraded its rating from “neutral” to “overweight”. JPMorgan believes that a greater proportion of Rolls-Royce’s long-term service agreement advances will now translate into profit. Additionally, Goldman Sachs, another financial institution, reinstated its buy rating for Rolls-Royce and set a price target of 370p. According to Goldman Sachs, there is now positive momentum in terms of cash and earnings, mainly driven by favourable factors in Civil Aerospace. Year-to-date, the shares have increased by an impressive 208.32%, taking into account session moves.

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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