London Stocks Stumble Amid Metal Price Drop; Defence Shares Shine

London's benchmark FTSE 100 index stabilized after a record high, impacted by falling metal prices affecting mining stocks, while defence shares rose due to geopolitical tensions. The mid-cap index gained, supported by earlier resource stock strength. Separately, the UK may delay a labor survey update, impacting related stocks.

On Friday, London's benchmark FTSE 100 index maintained a cautious stance after a record-breaking high the previous session. Falling metal prices exerted pressure on mining stocks, tempering gains in defense shares.

The FTSE 100 remained flat at 10,236.58 points by 0955 GMT, slightly below a three-week peak. In contrast, the mid-cap index rose 0.24%, reaching a five-week high, driven by earlier gains in resource-focused stocks amid geopolitical events and regional economic data.

Mining giants, including Anglo American, Rio Tinto, and Antofagasta, led the decline, dropping between 1.8% and 2.3% over copper demand concerns from China. Precious metal miners also fell 1.1% as gold prices weakened due to stronger U.S. economic data, dampening rate cut hopes and easing Iran tensions. Meanwhile, defense stocks climbed following renewed Russia-Ukraine tensions.

(With inputs from agencies.)