By Patrick Munnelly, Market Analyst, Tickmill
The FTSE 100 has finished the session with meagre gains as traders return from the holiday extended weekend, closing up 44 points to 7785.72, The Blue Chip index saw opening support by way of a boost from industrial miners as the Copper price extended its advance.
FTSE-100: The biggest movers
This was coupled with reports that Glencore LON:GLEN CEO Garry Nagle is planning to meet with shareholders in Canadian based Teck Resources to personally present is vision for Glencore’s proposed acquisition of the industrial metals miner. The early lead from Glencore has paired back into the close but still up 3.06%.
Antofagasta LON:ANTO has been the standout performer on the day also benefiting from the pop in industrial metals notching up a 5.34% advance on the session leading the board as we head into the close with fellow mining giant Rio Tinto LON:RIO just behind ticking up a healthy 5.12% on the day.
UK housebuilder Persimmon LON:PSN also got a much needed boost via an upgrade at Barclays, the investment bank believe that full year 2023 consensus is too conservative, raising the firm to ‘equal weight’ from ‘underweight’ on the premise that the longer term erosion in returns is now fully priced in the shares leading to a 2.76% gain.
On the negative side of the ledger British insurer Beazely LON:BEZ the biggest decliner on the session as ongoing concerns around investment losses continue to weigh on investor sentiment with shares slumping 1.58% into the close of London trade.
