The FTSE 100 recovered from earlier losses to close higher, buoyed by strong performances from mining and pharmaceutical stocks. Gains in these sectors offset declines in oil and select consumer and industrial stocks, resulting in a positive overall outcome for the index.
- Antofagasta rose over 5% as copper prices increased.
- Anglo American, Glencore, and Rio Tinto each increased by more than 1.5%, also benefiting from higher copper prices.
- GSK climbed nearly 4% following the announcement of a leadership change, with Luke Miels replacing Emma Walmsley as CEO in January, and news of a strong pipeline of potential drug launches.
- AstraZeneca gained almost 1% after announcing plans to upgrade its US listing with a direct NYSE share listing, while keeping its UK base, and reports that Britain may raise drug payments to protect US exports.
- Shell and BP fell 1.2% and 2.6% respectively, tracking lower oil prices.
- Unilever, BAT, and Rolls-Royce also experienced declines.
- Chancellor Rachel Reeves reaffirmed fiscal rules, ruled out a wealth tax, and confirmed funding for Northern Powerhouse Rail.
The index’s performance reflects a market where commodity prices and pharmaceutical developments are driving positive sentiment, while energy and select consumer and industrial sectors are facing headwinds. Leadership changes and strategic corporate decisions appear to be well-received in the pharmaceutical space. Broader economic policy announcements also have the potential to influence investor confidence.