FTSE 100 rises on strong commodity gains, banks lag behind

The FTSE 100 index edged to 8,380 on Monday, maintaining last week’s gains, driven by solid performance from heavyweight commodity producers as markets evaluated the economic outlook for clues on credit conditions.

FTSE 100 rises on strong commodity gains, banks lag behind

Fresnillo led the rise with a 4.4% surge, benefiting from strong momentum in bullion, as gold hit a record high and silver reached a 12-year peak. Base metal miners also saw gains, helped by the PBoC’s larger-than-expected rate cut, with Antofagasta, Glencore, and Endeavour rising nearly 2%.

Commodity gains boost shell, BP; Banks lag with HSBC in the red

In comparison, Rio Tinto and Anglo-American advanced about 1% each. Shell and BP similarly gained close to 1%, supported by higher crude oil prices as traders assessed risk premiums on futures amid Middle East geopolitical tensions. Meanwhile, banks underperformed, with Barclays and Lloyds trading near the flatline and HSBC dipping slightly into the red.