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FTSE 100 Live: Centrica profit falls; Stocks dip after record rally

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Glencore floated on the London Stock Exchange in 2011 and is one of the largest members of the FTSE 100.
Platinum is in a deficit

Good morning and welcome back to the CityAM liveblog.

It’s been quite the week for the “old and unexciting” FTSE 100.

The blue-chip index closed 1.2 per cent higher on Tuesday led by a rally in the mining sector.

Antofagasta led the pack up over 10 per cent, which came a day after its upbeat earnings update where the firm doubled its dividend after sealing a record profit.

Gold miner Fresnillo also gained nearly five per cent alongside Anglo American whilst peer Glencore was shortly behind at just over four per cent. The FTSE 350 mining index has climbed over 25 per cent in the year-to-date.

But it wasn’t just the mining sector, defence stocks were also booming with BAE Systems post record sales amid a “new era” for the sector. And the City’s most valuable stock, HSBC, led a bounce in the financials sector after inflation eased to a near-12-month low with the bank’s stock rising over two per cent.

“What was once perceived as a boring index full of old and unexciting companies has now turned into an area of relative stability amid ongoing concerns around the implications of AI.

“The FTSE’s climb is broad-based, with significant momentum in energy, defence (amid Iran tensions), financials (driven by rate outlooks), and mining (as metal prices rally),” said Joshua Mahony, chief market analyst at Scope Markets.

Whilst the Wall Street tech hype might dominate markets chatter – is the City’s stability the top spot for investors?

Here’s a few of our top stories from yesterday: