FTSE 100 Rises with Housebuilders and Miners

London’s top stock index experienced a notable rise, reaching its highest level this month after a dip in the previous trading session. The FTSE saw strong performances from miners and housebuilders at the start of the week. However, the defence sector faced challenges, with BAE Systems and Rolls-Royce experiencing declines following reports that Germany would halt direct military aid financing for Ukraine. Axel Rudolph, a senior technical analyst at IG, noted that while equity indices began positively, the US dollar fell to a seven-month low amid expectations of rate cuts. The British pound strengthened by 0.29% against the US dollar, trading at 1.298, while it dipped slightly by 0.07% against the euro at 1.172. This uptick in the pound occurred despite a UK watchdog raising competition concerns regarding a £2.5 billion takeover in Whitchurch, Shropshire. Barratt Developments saw a significant increase, with shares rising 3.4% to 554p by the end of trading on Monday. Additionally, trading platform Plus500 reported a rise in shares by 4.11% to 2,532p after upgrading its profit forecast and increasing dividends, driven by a record influx of new retail customers. Fever-Tree also gained traction, with shares up 1.96% to 912.5p, as Deutsche Bank highlighted its strong market position despite a target cut. As markets closed in London, Brent crude oil prices fell by 0.18% to $78.15 per barrel. The biggest gainers on the FTSE 100 included Barratt Developments and Glencore, while Hikma Pharmaceuticals and BAE Systems were among the largest fallers.