London’s FTSE 100 started the week on a flat note on Monday, supported by housebuilders and precious metals miners, while investors remained cautious ahead of Britain’s July 4 election.
The FTSE 100 index was flat, ending a four-session losing streak. The mid-cap FTSE 250 fell 0.3% to 20,222.08.
Opinion polls suggest Labour leader Keir Starmer is set to replace Conservative Rishi Sunak as prime minister after Thursday’s general election.
“Markets like stability. The polls suggest we’re not going to be surprised, but this is the kind of change that has been provoked, pushed and priced,” said Danni Hewson, head of financial analysis at AJ Bell.
Over the weekend, the first round of France’s snap election was won by the far right.
Housebuilders led sector gains, rising 1% after a report from Nationwide showed UK house prices rose slightly in June from May but the impact of higher interest rates continued to weigh on the housing market.
Precious metals miners and oil stocks rose more than 1% each, as gold and oil prices rose…
Anglo American fell 2.8% and was among the top losers on the FTSE 100 after the miner said it had suspended production at its Australian metallurgical coal mine following an underground fire on Saturday (Reporting by Purvi Agarwal, Roshan Abraham and Pranav Kashyap in Bengaluru; Writing by Mrigank Dhaniwala and Alexander Smith).
