FX.co ★ UK Stocks Trade Higher

On Wednesday, the FTSE 100 experienced a modest uptick, buoyed by cautious optimism surrounding a tenuous ceasefire between Israel and Iran. Gains were notably led by the mining sector, as assets linked to commodities benefitted from the improved geopolitical climate. Copper producers such as Glencore, Anglo American, and Antofagasta saw their shares rise by 1.9%, 1.2%, and 1% respectively. This upward trend corresponded with a fourth consecutive session of copper price increases on the London Metal Exchange, driven by a supply shortage. Gold mining stocks also experienced a rebound, with Endeavour Mining seeing a 1.2% increase and Fresnillo up by 1.1%. This recovery followed the stabilization of gold prices after a recent dip. In other corporate news, defense contractor Babcock International Group plc surged by as much as 13%, reaching its highest share value since 2014. This rise followed the company’s announcement of elevated mid-term profit goals, alongside a £200 million share repurchase initiative, an increased dividend, and impressive results from its nuclear division. Meanwhile, the NATO summit in the Netherlands concluded, with member countries likely committing to a significant increase in defense expenditure, aiming to elevate spending from 2% to 5% of GDP by 2035. Shares of BAE Systems saw a 0.6% rise in response.