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Highlights
FTSE 100 edges up as miners post strong gains
Shell (LON:SHEL) denies any acquisition plans involving BP (LON:BP.)
US dollar decline drives pound to multi-year highs
The FTSE 100 closed higher, supported by strength in mining stocks and a softer US dollar, which lifted broader market sentiment. The index saw gains throughout the trading day, with key contributors coming from the metals and energy sector. Anglo American (LON:AAL), Antofagasta (LON:ANTO), and Glencore (LON:GLEN) saw significant upward momentum, propelling the benchmark index to a positive finish. These gains came as global commodity prices reacted to currency movements and optimism in raw material demand.
Shell Refutes BP Takeover Speculation
Shell (LON:SHEL) issued a statement confirming that it is not pursuing a takeover of rival oil and gas group BP (LON:BP.). The clarification followed widespread speculation regarding consolidation in the energy sector. Both companies are major constituents of the FTSE 100, and the denial helped stabilise Shell's trading position, even as BP showed limited reaction during the session.
Broader Gains Led by Consumer and Financial Firms
Outside the mining sector, shares of 3i Group (LON:III), which is heavily involved in European discount retailing, rose during the day. Retailer JD Sports Fashion (LON:JD.), betting group Entain (LON:ENT), and wealth management company St. James's Place (LON:STJ) also showed firm upward moves. The combination of retail resilience and improved sentiment among financial service providers contributed to broader support within the FTSE 350.
Defensive Stocks and Major Consumer Brands Under Pressure
On the downside, several large-cap consumer and healthcare companies weighed on the index. Unilever (LON:ULVR) and British American Tobacco (LON:BATS) faced selling pressure. Pharmaceutical names such as Hikma Pharmaceuticals (LON:HIK), Haleon (LON:HLN), and Reckitt Benckiser (LON:RKT) also traded in the red, along with weakness seen in parts of the healthcare segment.
Banking Sector Sees Limited Momentum
Among financial names, banks like HSBC Holdings (LON:HSBA) and NatWest Group (LON:NWG) experienced moderate declines. Broader banking sentiment remained flat as investors balanced between economic indicators and foreign exchange developments.
Currency Shift Boosts Sterling
Currency markets played a key role in shaping equity sentiment. The US dollar dipped to a three-year low amid ongoing political pressure on the US Federal Reserve. The British pound strengthened against the greenback, reaching levels not seen since early twenty twenty-two. This movement had a mixed impact on sectors within the FTSE, offering relief to import-heavy firms while posing challenges to exporters.
Dividend Players in Focus
As investors navigate changing currency trends and sectoral divergence, attention remains on companies with robust dividend profiles. Several names mentioned are frequently included in the FTSE Dividend Yield scan, which continues to draw market attention amid global rate fluctuations.
