FTSE 100 gains support from miners, AstraZeneca and Rolls-Royce

Fidelity

The FTSE 100 edged higher on Monday as gains in mining shares, AstraZeneca and Rolls-Royce helped the index recover after six consecutive sessions of declines. The index rose 0.1% to 10,757.91 points by 10:22 GMT. The FTSE 250, which has greater exposure to the UK economy, fell 0.2%.

Mining companies were among the strongest performers as gold prices firmed and copper started the session positively. Fresnillo rose 1.9% and Antofagasta gained 1.5%, while Glencore and Anglo American advanced between 1.3% and 1.8%.

The moves reinforced the importance of commodity prices to the FTSE 100, where large mining groups can have a meaningful impact on overall index direction. Continued strength in metals would support earnings expectations across the sector, while any reversal would quickly reduce that benefit.

AstraZeneca rose around 0.9% after reporting progress from two late-stage lung cancer programmes.

The pharmaceutical group said its Tagrisso-Orpathys combination met the main objective of one trial, while Enhertu, developed with Daiichi Sankyo, also achieved its key target in a separate study.

AstraZeneca also stopped a Phase III trial of volrustomig in combination with chemotherapy after an independent review concluded that the treatment was unlikely to meet its progression-free survival or overall survival goals compared with pembrolizumab plus chemotherapy.

The discontinued study involved 895 patients and identified no new safety concerns. Other Phase III trials involving volrustomig are continuing.

The mixed update gives a clearer picture of AstraZeneca’s development pipeline. Positive results support potential future treatment options, while ending a programme unlikely to succeed can limit further spending on a weaker asset.

Rolls-Royce gained 1.8% after Morgan Stanley and Citigroup raised their price targets for the engineering group. The upgrades added stock-specific support during a session in which broader market direction remained limited.

Fidelity Special Values PLC (LON:FSV) aims to seek out underappreciated companies primarily listed in the UK and is an actively managed contrarian Investment Trust that thrives on volatility and uncertainty.

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