On Monday, the FTSE 100 index experienced a modest decline of 0.1%, primarily affected by the weakened performance of mining and defense stocks, which overshadowed gains in other areas. Defense companies faced downward pressure amid renewed discussions of a potential peace agreement in Ukraine, sparking concerns that such geopolitical developments might lead to a decrease in future military expenditure and contract opportunities. Notably, Babcock International's share price fell by 2.7%, BAE Systems saw a reduction of approximately 0.8%, and Rolls-Royce experienced a decline of about 1%.
The mining sector also dragged on the index as prices for gold, silver, and copper retreated from their peak levels. Endeavour Mining saw a significant drop of over 4%, Anglo American shares dipped more than 1%, and Rio Tinto slipped 0.6%. Fresnillo lost 0.4% of its value, and Antofagasta's shares moved lower as well.
Conversely, the healthcare sector provided some relief. AstraZeneca saw an increase of approximately 0.3%, and GSK’s shares rose around 0.7%, following a widespread upswing in European biotech stocks. This rally was influenced by a near 5% climb in shares of the French pharmaceutical company Abivax, driven by speculation about a possible takeover and optimism regarding its treatment for ulcerative colitis.
