Monday Morning Markets: Mining Stocks Gains as Metals Help Lift FTSE 100

European equities opened the week on a steady footing. The FTSE 100 has added 0.3% in early trading, while the FTSE 250 is flat. On the continent, Frankfurt’s DAX has risen 0.1%, Paris’s CAC 40 is unchanged, and the Stoxx 50 has gained 0.3%.

Precious metals are the standout story so far. Spot gold has climbed 0.6% to $4,402/oz and silver has jumped 1.5% to $65.66, fuelling a strong morning for London’s mining stocks…

Antofagasta leads the FTSE 100 risers, up 3.1%, followed by Anglo American (+2.6%), Fresnillo (+2.4%), Glencore (+2.3%) and Endeavour Mining (+1.7%), as investors rotated into hard assets.

Brent crude, by contrast, has slipped 0.2% to $88.42 and WTI eased 0.4% to $81.11.

On the downside, Sage Group has fallen 1.5%, Diageo dropped 1.1% and RELX shed 1.0%, as risk appetite favoured cyclicals over staples.

AstraZeneca was the busiest large-cap this morning, publishing a trio of oncology updates, showing improved progression-free survival for Enhertu in first-line HER2-mutated lung cancer, a Tagrisso/orpathys combination benefit in EGFR-mutated lung cancer, and results from the Evolve-Lung02 Phase III trial, reinforcing its respiratory/oncology pipeline momentum.

Elsewhere, Hiscox updated the market on its ongoing share buyback, while AIM-listed Time Finance agreed a recommended £55.1m cash takeover by Bentley Park, parent of Ultimate Finance, at 59.1p a share.

Defence Holdings confirmed a £2m cornerstone commitment to a new UK defence fund, Seeing Machines launched a “Physical AI” platform, and the boardroom battle at The Works continued as Kelso set out its case over the Graeme Coulthard appointment.

In the FTSE 250, Goodwin surged 8%, Oxford Biomedica gained 4.5% and JPMorgan Emerging Markets Dividend Income rose 4.4%. Fallers included 4imprint (-5.6%), Pets at Home (-4.7%) and RHI Magnesita (-4.3%).

Investors will be looking ahead to a somewhat data-heavy week, with UK unemployment on Tuesday, inflation Wednesday, and retail sales Friday.