London open: Mining, travel stocks lift markets as oil prices fall

(Sharecast News) - UK stocks moved moderately higher on Monday morning as markets tried to claw back after a bruising sell-off the previous session, with sentiment supported by the fourth straight fall in oil prices.

London's FTSE 100 was up 0.3% at 10,694 early on, with solid gains in the mining and travel sectors providing a boost.

"Financial markets are in a strange position as we move to the final weeks of Q3, uncertainty and volatility continue to grip markets, but the oil price is falling and European and US stocks are poised to open higher later on Monday," said Kathleen Brooks, research director at XTB.

"Market stresses are concentrated in sovereign bonds, and European and US yields had another scare late on Friday, and moved higher. This suggests that Wednesday's rate hike from the Federal Reserve only provided temporary relief."

Oil prices fell again on Monday, down 1.9% at $101.88 a barrel ahead of the open in London - a level it has now closed below since 9 September - as concerns about supply disruptions in Saudi Arabia continued to ease.

The East-West pipeline, significantly damaged by air strikes in recent weeks and temporarily shut down, is expected to return to half capacity over the coming days, according to the latest reports.

Also bolstering the oil price were comments from US president Donald Trump, who said he would "probably be open" to a meeting with Iranian president Masoud Pezeshkian at the UN General Assembly in New York this week. Trump is also scheduled to meet with China's Xi Jinping this week, with the focus expected to be on trade, AI and Iran.

In equity news, easyJet and Ithaca Energy both joined the FTSE 100 on Monday in the latest quarterly reshuffle, replacing Persimmon and Entain, which dropped into the FTSE 250.

EasyJet was making its way higher, along with travel sector peers IHG and IAG, as the falling oil prices eased fuel price concerns. In contrast, oil majors BP and Shell were in the red.

Also higher was the heavyweight mining sector, including Antofagasta, Fresnillo, Glencore and Anglo American.

JD Sports Fashion gained after striking a deal with Grupo Axo - a move that will see it break into the Mexican market. The multi-brand retail distributor will operate more than 140 JD stores and e-commerce in the country under the franchise partnership, which is due to commence in 2027. Financial terms were not disclosed.

Drugmaker Astrazeneca was slightly lower despite receiving a double boost as European regulators issued positive opinions for two of its medicines - Klygefa for generalised myasthenia gravis and Enhertu for earlystage HER2positive breast cancer.

Market Movers

FTSE 100 (UKX) 10,694.29 0.33%

FTSE 250 (MCX) 24,339.47 0.55%

techMARK (TASX) 6,145.25 0.39%

FTSE 100 - Risers

Metlen Energy & Metals (MTLN) 45.20p 2.17%

Standard Chartered (STAN) 2,328.00p 2.06%

Antofagasta (ANTO) 3,735.00p 1.91%

Anglo American (AAL) 4,039.00p 1.84%

Abrdn (ABDN) 244.20p 1.84%

Lion Finance Group (BGEO) 13,960.00p 1.82%

Rolls-Royce Holdings (RR.) 1,478.20p 1.79%

Lloyds Banking Group (LLOY) 110.75p 1.65%

Investec (INVP) 656.50p 1.63%

Diploma (DPLM) 7,395.00p 1.58%

FTSE 100 - Fallers

BP (BP.) 549.30p -1.56%

Rentokil Initial (RTO) 316.80p -1.55%

Airtel Africa (AAF) 316.80p -1.00%

Relx plc (REL) 2,484.00p -0.92%

Shell (SHEL) 3,511.50p -0.82%

Barratt Redrow (BTRW) 302.00p -0.82%

Ithaca Energy (ITH) 292.90p -0.81%

Centrica (CNA) 146.95p -0.71%

IMI (IMI) 3,078.00p -0.58%

Sainsbury (J) (SBRY) 332.90p -0.57%

FTSE 250 - Risers

Discoverie Group (DSCV) 814.00p 5.60%

The Schiehallion Fund Limited NPV (MNTN) 2.20p 4.50%

NCC Group (NCC) 134.80p 4.17%

Victrex plc (VCT) 988.00p 3.88%

Ceres Power Holdings (CWR) 417.00p 3.78%

Wickes Group (WIX) 194.00p 3.22%

Schroder Asian Total Return Investment Company (ATR) 718.00p 3.16%

Fidelity China Special Situations (FCSS) 255.00p 2.82%

Schroder Asia Pacific Fund (SDP) 850.00p 2.66%

Fidelity Emerging Markets Limited Ptg NPV (FEML) 1,494.00p 2.61%

FTSE 250 - Fallers

Wetherspoon (J.D.) (JDW) 780.00p -2.68%

WH Smith (SMWH) 367.60p -2.17%

W.A.G Payment Solutions (EWG) 93.00p -1.69%

WPP (WPP) 378.90p -1.51%

Energean (ENOG) 788.00p -1.18%

North American Income Trust (The) (NAIT) 428.00p -0.93%

Vistry Group (VTY) 261.40p -0.91%

Greggs (GRG) 1,784.00p -0.89%

Domino's Pizza Group (DOM) 206.40p -0.88%

Harbour Energy (HBR) 277.00p -0.86%