By Sukriti Gupta
(Reuters) -London’s main stock indexes nudged higher on Monday, supported by industrial metal mining stocks that jumped on hopes of a stimulus from the world’s largest commodity consumer, China.
The internationally-oriented FTSE 100 was up 0.1% as of 0929 GMT, after logging its fourth straight week of gains on Friday, while the domestically-oriented midcap FTSE 250 index rose 0.3%.
The blue-chip index had surged to all-time highs last week as investors took comfort in a relatively U.S. tariff-shielded market, higher commodity prices and hopes of a Bank of England rate cut.
On the day, the UK industrial metal mining stocks index led sectoral gains with a 3.3% rise, tracking a rise in metal prices after China vowed to stabilise its industrial growth, and on hopes for more stimulus from the world’s largest commodity consumer.
Miners Glencore gained 3.7%, Anglo American rose 3.5%, Antofagasta advanced 3.3%, and Rio Tinto up 2.8%.
Banks and financial services were down 0.3%, with Standard Chartered losing 0.9%, while Barclays fell 0.6%.
The Bank of England has asked some lenders to test their resilience to potential U.S. dollar shocks, three sources told Reuters.
Aerospace and defence index lost 1.1%, led by a 2.1% fall in BAE Systems.
The UK’s personal goods index lost 1.6%, dragged down by Burberry that lost 1.9% after surging to a near 17-month high on Friday.
Meanwhile, a Deloitte survey showed British consumer sentiment had a marked fall for the first time in nearly three years last month, reflecting increased worries about job security.
Property site Rightmove said that asking prices for newly advertised British houses and apartments recorded their biggest July fall in more than 20 years this month.
In corporate updates, BP named Albert Manifold, the former boss of building materials producer CRH, as its new chairman on Monday.
The Financial Times reported on Sunday that London Stock Exchange Group is weighing whether to launch 24-hour trading and is looking into the practicalities of increasing its trading hours.
(Reporting by Sukriti Gupta in Bengaluru; Editing by Leroy Leo)
