FTSE dips despite gains in oil and mining stocks

Rising commodity prices were not enough to prop up the London stock market as defence shares tumbled.

On a subdued day of trading, the FTSE 100 dipped 0.1 pc, or 8.68 points, to 7934.79 and the

FTSE 250 descended 0.5 pc, or 91.23 points, to 19,763.35.

Brent crude headed towards $91 a barrel and even after giving up its gains it remains up more than 15 pc so far this year.

The oil price has been pushed higher by conflict in the Middle East and concerns over a threat to supplies.

BP rose 1.3 pc, or 6.7 p, to 516.6 p and Shell added 0.5 pc, or 14.5 p, to 2828.5 p to hit a record high.

in a bullish update to investors, BP also said it boosted oil and gas production in the first three months of the year.

London’s mining giants made gains too as metal prices rose.

Copper hit a 14-month high before easing while iron ore has been supported by hopes that Chinese steelmakers will spearhead renewed demand for the key raw material. Tin also reached a 14-month high while zinc was at levels not seen for a year.

Anglo American rose 1.7 pc, or 36.5 p, to 2191.5 p, Antofagasta gained 2.4 pc, or 54 p, to 2269 p,

Rio Tinto added 1.3 pc, or 67 p, to 5251 p and Glencore jumped 1.3 pc, or 6.2 p, to 473 p.

gold prices hit a high, rising to $2,365, giving London-listed producer Fresnillo a lift. its shares rose 4 pc, or 22 p, to 578 p.

Private equity predators have swooped in on yet another British company. Us firm sTg will pay nearly £150 m to buy the software firm Gresham Technologies.

The 163p-a- share deal represents a near-27 pc premium on the previous day’s close. shares soared 24.4 pc, or 31.5 p, to 160.5 p.

Fund manager JTC reported a stellar set of financial results as group revenues increased 28.7 pc to £257.4 m last year while the value of work won hit a record £30.8 m, up from £24.6 m in 2022. shares rose 1.8 pc, or 15 p, to 839 p.

student accommodation provider Unite is filling its spaces at speed as it cashes in on demand from universities.

The company said 86 pc of its rooms have been reserved for the 2024-25 academic year. But this remains slightly below last year’s record of 90 pc. shares dipped 1.3 pc, or 12.5 p, to 937 p. Homeware brands owner Ultimate Products wants shareholders to approve plans to buy back up to a tenth of the company’s stock. its announcement came alongside interim results that showed revenue slid 4 pc to £84.2 m in the six months to the end of January while profit rose 2 pc to £9.5 m. shares slipped 1.7 pc, or 2.5 p, to 147.25 p.

ProCook nudged up its annual profit forecast after the retailer’s fourth- quarter results showed revenue rose 4.8 pc to £13.2 m in the 12 weeks to the end of March.

The company expects its profits for the year to March 31 to be between £500,000 and £1 m – above the £400,000 pencilled in by analysts. ProCook added that it cashed in on sales of its new range of small kitchen electricals. shares rose 2.8 pc, or 0.7 p, to 25.6 p.