The FTSE 100 declined on Monday as losses in several heavyweight constituents outweighed gains in energy and mining stocks. Imperial Brands slipped more than 5% after reports that the tobacco group is preparing to cut thousands of jobs across key markets, including the US and Europe. Sector peer British American Tobacco also dropped over 4%, while HSBC, Unilever and GSK fell between 0.4% and 1.8%.
By contrast, oil majors Shell and BP advanced 0.7% and 1.5%, respectively, as crude prices extended their recent rally amid uncertainty over a potential US-Iran deal to end the conflict and reopen the Strait of Hormuz. Miners were another bright spot, supported by firmer metals prices: Fresnillo climbed 3.3%, and Glencore rose 2.2%.
In company news, Plus500 reported a trading update indicating stronger first-half growth, driven by higher trading income. Pharos Energy confirmed it would not raise its existing offer, while Vistry moved to reduce coverage for the housebuilder’s suppliers.
