FX.co ★ FTSE 100 Misses Out on Broader Market Rally

The FTSE 100 slipped 0.3% on Monday, underperforming wider equity markets, as sharp declines in Shell and BP dragged the index lower. Shell fell 4.4% and BP lost 3.4%, while weakness in healthcare and defence names added further pressure. Among pharmaceuticals, AstraZeneca declined 1.7% and GSK was down 1%. In the defence sector, BAE Systems dropped 4.6% and Babcock International eased 1.1%.

By contrast, mining stocks advanced on the back of firmer gold and copper prices. Endeavour and Fresnillo each gained close to 7%, Antofagasta rose more than 5%, and both Anglo American and Rio Tinto climbed over 1%. Shares in Bunzl inched 0.6% higher after activist investor Elliott disclosed a stake of almost 5% in the UK distribution group.

Broader markets remained fixated on the interim US–Iran agreement, which fuelled a cross-asset rally even as uncertainty persisted. Investors are also bracing for a busy week of UK data and events, including releases on inflation, employment and retail sales, the Bank of England’s interest-rate decision, and Thursday’s Makerfield by-election.