London close: FTSE 100 pulls back from five-week high

(Sharecast News) - London stocks pulled back from a five-week high on Monday despite a decent start on Wall Street, with sentiment being weighed down by some disappointing UK economic growth figures.

US stock markets started the shortened trading week off well, with the S&P 500 once again nearing a record high as heavyweight tech groups continued their recent run.

However, the FTSE 100 finished 0.3% lower at 9,864.88, retreating after settling at 9,897.42 on Friday - its highest close since 12 November.

"There are days when the lack of tech mega-caps is a bonus for London's markets but today wasn't that day. Whilst momentum built on Wall Street ahead of the holidays London's blue-chip index was dragged down by a mix of utilities, retailers and drinks makers," said Danni Hewson, head of financial analysis at AJ Bell.

Data released earlier by the Office for National Statistics showed the economy grew 0.1% in July to September, in line with the initial estimate. For the second quarter, growth was revised down to 0.2% from 0.3%.

GDP per head was estimated to have shown no growth in the latest quarter and was up 0.9% compared with the same quarter a year ago. Real household disposable income per head fell 0.8% in the latest quarter, following no change in the previous quarter.

Elsewhere, the CBI's latest Growth Indicator showed that private sector firms expect business activity to weaken again over the coming three months.

Miners, oil giants in the black

With the Christmas break fast approaching, there wasn't a whole lot happening on the corporate front but precious metals miner Fresnillo shot to the top of the index as gold and silver prices hit fresh highs.

Spot gold was up 2.2% at $4,437.31 an ounce, while silver jumped 2.4% to $68.71/oz, as rising rate-cut expectations in the US and heightened geopolitical tensions spurred demand for safe-haven assets.

Precious metal peers Hochschild and Endeavour Mining were also performing well, along with diversified majors Rio Tinto, Antofagasta and Glencore.

Oil giants BP and Shell gushed higher as oil prices rose after the US boarded a sanctioned oil tanker near Venezuela. Brent crude was up 2.3% at $61.88 a barrel.

Sentiment in the sector was also helped by news that Harbour Energy has announced the $3.2bn acquisition of LLOG Exploration Company, marking the company's first entry into the deepwater Gulf of Mexico market.

Shares in Rank Group fell sharply as the UK gambling operator said its Spanish businesses had been hit by a payment fraud costing it �7.1m.

Market Movers

FTSE 100 (UKX) 9,864.88 -0.33%

FTSE 250 (MCX) 22,342.72 0.13%

techMARK (TASX) 5,593.79 -0.08%

FTSE 100 - Risers

Fresnillo (FRES) 3,260.00p 2.84%

Airtel Africa (AAF) 333.00p 2.02%

Rio Tinto (RIO) 5,931.00p 1.59%

Melrose Industries (MRO) 582.00p 0.94%

Antofagasta (ANTO) 3,168.00p 0.86%

British Land Company (BLND) 390.80p 0.83%

Hikma Pharmaceuticals (HIK) 1,523.00p 0.73%

Informa (INF) 885.20p 0.66%

BP (BP.) 427.65p 0.66%

Halma (HLMA) 3,602.00p 0.56%

FTSE 100 - Fallers

DCC (CDI) (DCC) 4,708.00p -5.39%

Diageo (DGE) 1,617.00p -3.66%

Coca-Cola Europacific Partners (DI) (CCEP) 6,820.00p -2.29%

Pershing Square Holdings Ltd NPV (PSH) 4,800.00p -2.00%

Smurfit Westrock (DI) (SWR) 2,811.00p -1.47%

Ashtead Group (AHT) 5,270.00p -1.38%

CRH (CDI) (CRH) 9,388.00p -1.30%

Rolls-Royce Holdings (RR.) 1,155.00p -1.28%

Marks & Spencer Group (MKS) 322.60p -1.22%

Reckitt Benckiser Group (RKT) 6,008.00p -1.18%

FTSE 250 - Risers

Pan African Resources (PAF) 119.00p 6.25%

BlackRock World Mining Trust (BRWM) 843.00p 4.98%

Ceres Power Holdings (CWR) 232.00p 4.79%

Hochschild Mining (HOC) 495.80p 3.72%

Shawbrook Group (SHAW) 488.50p 3.50%

Aston Martin Lagonda Global Holdings (AML) 63.85p 3.07%

Close Brothers Group (CBG) 494.40p 2.83%

Oxford Nanopore Technologies (ONT) 129.40p 2.54%

Chrysalis Investments Limited NPV (CHRY) 117.40p 2.26%

Ithaca Energy (ITH) 162.20p 2.14%

FTSE 250 - Fallers

Rank Group (RNK) 100.40p -4.74%

Greggs (GRG) 1,679.00p -2.84%

Trustpilot Group (TRST) 159.70p -2.50%

Me Group International (MEGP) 152.60p -2.05%

Barr (A.G.) (BAG) 635.00p -2.01%

WPP (WPP) 328.70p -1.70%

Ocado Group (OCDO) 244.40p -1.65%

Bakkavor Group (BAKK) 238.50p -1.65%

Foresight Environmental Infrastructure Limited (FGEN) 66.10p -1.64%

Johnson Service Group (JSG) 135.80p -1.59%