MARKETS LIVE: Weir leads industrial rally as FTSE holds early gain

FTSE 100 adds 33 points to 10,717
Weir Group rises 2.3% to lead blue-chip gainers
Halma, Spirax Group and IMI gain about 2%
FTSE 250 gains 54 points to 24,389

10.00 am BST: Weir heads engineering-led advance

Weir Group climbed 2.3% to 2,694p to lead the FTSE 100 as industrial engineering shares moved to the top of London’s leaderboard.

Halma gained 2.2%, while Spirax Group and IMI advanced about 2%, pointing to a wider sector move rather than a company-specific surge.

The FTSE 100 held a 33-point gain at 10,717 after giving back a small portion of its earlier advance.

Healthcare shares also remained supportive, with GSK gaining 2% and AstraZeneca advancing 1.9%, while InterContinental Hotels Group added 2%.

The FTSE 250 rose 54 points, or 0.2%, to 24,389, while the AIM All-Share gained 0.2% to 785.

9.00 am BST: London rally broadens beyond miners

The FTSE 100 was 35 points, or 0.3%, higher at 10,720 as its early mining-led advance broadened into healthcare and industrial shares.

GSK climbed 2.1%, AstraZeneca gained 1.9%, while Halma, Spirax Group and Weir Group added between 1.5% and 1.6%.

The FTSE 250 rose 0.3% to 24,406, led by Vesuvius, which surged 24.6% after disclosing a takeover proposal from RHI Magnesita worth 551p a share. Close Brothers gained 10.8% following its annual results.

AIM edged 0.2% higher to 785.

Utilities, telecoms and retailers lagged, with Ithaca Energy down 2.5%, SSE off 2%, Vodafone losing 1.8%, and Tesco, Kingfisher and Sainsbury’s falling more than 1%.

8.15 am BST: Mining shares drive opening gains

London shares opened modestly higher, with the FTSE 100 gaining 18 points, or 0.2%, to 10,703 as miners recovered from Monday’s sector-wide sell-off.

Antofagasta led the blue-chip risers with a 2.1% gain, while Anglo American advanced 1.8%, Fresnillo rose 1.5% and Rio Tinto added 1.3%.

Mining equipment supplier Weir Group gained 1.1%, reinforcing the sector-wide pattern.

AstraZeneca climbed 1.3%, while InterContinental Hotels Group and Burberry rose 1.2% apiece, showing support beyond resources.

The FTSE 250 advanced 0.2% to 24,379, while the AIM All-Share gained 0.1%.

7.00 am BST: London points higher despite weak global handover

The FTSE 100 is expected to open 6 points, or 0.1%, higher at 10,691 after closing 0.1% lower at 10,684.88 on Monday as weak miners offset a rally among housebuilders.

UK shop-price inflation eased to 1.4% in September from 1.5% in August as retailer promotions reduced food-price pressures, although the rate remained above its three-month average of 1.3%.

Wall Street provided a negative handover after the S&P 500 fell 0.8%, the Dow Jones Industrial Average lost 0.7%, and the Nasdaq Composite declined 0.9% as the US 10-year Treasury yield reached its highest level since 2007.

Asian markets followed New York lower, with Japan’s Nikkei 225 down 1.4%, Hong Kong’s Hang Seng falling 0.7% and the Shanghai Composite slipping 0.1%, while Australia’s ASX 200 edged 0.1% higher after the Reserve Bank of Australia raised its cash rate by 0.25 percentage points to 4.6%.

Brent crude traded near $107.55 a barrel, offering potential support to BP and Shell, while gold recovered to $4,133.89 an ounce and copper futures gained 0.3% to $6.63 a pound.

Sterling weakened to $1.3233, while Bitcoin changed hands near $83,300 following a 3.4% decline over the past week.

Investors will watch UK mortgage approvals at 9.30 am, with economists expecting an increase to about 57,000 from 56,053.