26.06.202515:44:04UTC+00FTSE 100 Edges Up on Thursday

On Thursday, the FTSE 100 experienced a modest increase, buoyed by the upward trajectory of commodity-linked stocks as metal and oil prices rose. The mining sector spearheaded this upswing, with shares in Anglo American climbing by 7% and Antofagasta appreciating by 5.6%, spurred by copper prices reaching a three-month peak. Concurrently, Glencore and Rio Tinto saw increases of 5% and 3.5%, respectively. The oil sector also saw gains, with Shell and BP advancing by 0.7% and 1.6% as crude oil prices ascended. Despite market speculation of a possible acquisition, Shell dismissed reports of immediate plans to acquire BP. Additionally, gold miners Fresnillo and Endeavour registered gains. In defense, BAE Systems increased by over 3.5%, driven by optimism surrounding NATO's decision to enhance its defense spending target to 5% of GDP by 2035. Conversely, exporters such as Unilever and British American Tobacco experienced declines of more than 2% each, affected by the stronger pound, which reached its highest level since October 2021. Market participants continued to closely monitor the tenuous ceasefire between Israel and Iran, which alleviated some geopolitical tensions.