Investing
FTSE 100 at 3-week highs as miners offset slump in Kingfisher
Published by Jessica Weisman-Pitts
Posted on November 25, 2024
2 min readLast updated: January 28, 2026
Global Banking & Finance Review®
Company
Published by Jessica Weisman-Pitts
Posted on November 25, 2024
2 min readLast updated: January 28, 2026
(Reuters) – The UK’s FTSE 100 traded at a three-week high on Monday as a
(Reuters) – The UK’s FTSE 100 traded at a three-week high on Monday as a weaker dollar aided metal prices, outweighing a plunge in shares of Kingfisher after the home improvement retailer issued a profit warning.
Kingfisher shares tumbled 13.5%, the biggest decliner among the FTSE 100 components, after it warned of a 45 million pound ($57 million) hit to 2025/26 profit from tax raising measures in government budgets in both the UK and France.
“Kingfisher has a growth problem and until the backdrop radically improves, it is stuck in quicksand, slowing sinking,” said Russ Mould, investment director at AJ Bell.
Consumer sentiment remains patchy and economic growth lacklustre, which suggests darker days ahead for Kingfisher.
The broader FTSE 100 edged 0.2% higher, with industrial metal miners in the lead.
Shares of Glencore, Rio Tinto and Anglo American rose between 0.6-1.7%, as copper prices rebounded, helped by increased risk appetite after the choice of fund manager Scott Bessent as U.S. Treasury secretary. [MET/L]
Global stocks were on the front foot on hopes that Bessent might restrain debt levels. In an interview published on Sunday, Bessent told the Wall Street Journal that both tax and spending cuts were priorities. [GLOB/MKTS]
Meanwhile, Bank of England Deputy Governor Clare Lombardelli said she was more worried about the risk that inflation comes in higher – not lower – than the central bank has forecast as she made the case for only gradual reductions in interest rates.
She said recent downbeat business surveys suggested that inflation could cool while strong wage growth posed a threat in the opposite direction.
British households’ disposable income fell in October and rising inflation may subdue spending this Christmas, supermarket group Asda said.
The midcap FTSE 250 index was nearly flat but hovered near a two-week high touched late last week.
Shares in ITV jumped 10% after Sky News reported that the British broadcaster behind “I’m a Celebrity… Get Me Out of Here” and “Coronation Street” could be a takeover target for a team led by CVC Capital Partners.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D’Silva)
The FTSE 100 is a stock market index that represents the 100 largest companies listed on the London Stock Exchange, reflecting the performance of the UK economy.
Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power.
A profit warning is a statement issued by a company indicating that its earnings will be lower than expected, often leading to a decline in stock prices.
Mining stocks are shares in companies that extract minerals and metals from the earth, often influenced by commodity prices.
Consumer sentiment is a measure of how optimistic or pessimistic consumers feel about the overall economy and their personal financial situation.
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