The FTSE 100 ended the week at a new record high, buoyed by reports of a potential mega-merger between two of the world’s largest mining groups.
London’s benchmark index advanced 0.8% to close at 10,124.60 points, with gains led by Glencore. Shares in the Anglo-Swiss miner surged 9% after the company confirmed it was in discussions with fellow FTSE constituent Rio Tinto regarding a possible combination that would create a group valued at approximately £190bn.
Elsewhere in the sector, copper producer Antofagasta was also among the top performers, with its shares rising by more than 4% after being upgraded to “buy” by Goldman Sachs.
Precious metals edged higher after data pointed to a slowdown in the US labour market last month.
Gold rose by approximately 1.4% to $4,511 per troy ounce, lifting its gains over the past week to around 4%.
Silver recorded a sharper advance, jumping 5% to $79.79 an ounce and extending its weekly increase to about 9%. The move follows weaker US payrolls figures, which have led economists and investors to anticipate that the Federal Reserve will keep interest rates unchanged at its meeting later this month.
Shares in major oil companies rose as unrest in Iran intensified, raising concerns over potential supply risks.
In late-morning trading in New York, Chevron advanced by 1.2%, while ExxonMobil gained approximately 0.5%. UK-listed energy groups also benefited, with BP shares rising by more than 2% and Shell climbing around 3% in New York trading.
The gains followed a rise in oil prices to their highest level since last month, after Donald Trump issued warnings to Iran amid reports of escalating protests.
