London stocks low at week opening

London’s stock market kicked off the week with a subdued performance. The blue-chip FTSE 100 index dipped 0.2 per cent on Monday, following its best week since May, while the mid-cap FTSE 250 remained flat.

Aerospace and defence stocks led the declines, with the sector falling 1.3 per cent after European defence shares dropped due to reports that Germany would not approve new military aid for Ukraine. BAE Systems saw a 2 per cent drop, while Rolls-Royce and Chemring were down over 1 per cent each.

Energy shares also edged down 0.2 per cent on lower crude prices, and banks fell 0.1 per cent. In contrast, precious and industrial metal miners gained 0.7 per cent, buoyed by gold trading near historic highs and copper prices rising due to reduced recession fears and easing concerns about Chinese demand.

Real estate stocks saw slight gains after Rightmove reported increased buyer interest following the Bank of England’s rate cut. Investor sentiment was supported by optimism over a potential US rate cut, with upcoming US Federal Reserve Chair Jerome Powell’s speech at Jackson Hole being closely watched.

In individual stock movements, Plus500 surged 4.1 per cent, topping the FTSE 250 index after the online trading platform forecasted annual results above market expectations and reported a 13 per cent rise in new customers for the first half of the year.

Attribution: Reuters

Subediting: M. S. Salama