Miners offset Oil weakness for FTSE 100

Gains for copper and gold have helped miners to offset weakness in oil stocks, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.

FTSE 100 gains despite oil sector weakness

Oil’s torrid day has weighed heavily on the FTSE 100, dragged lower by BP and Shell, but on the plus side pharma, defence and mining have all helped to support the index. Gold continues to break records, buoyed by the continued easing by central banks around the globe, while its less glamorous cousin copper has made strong gains today, boosting Antofagasta and others. Another attempt to hit record highs seems on the cards for the FTSE 100.

Carnival falls despite earnings beat

Investors have chosen to disembark cruise titan Carnival despite a boost to its full-year outlook. The story echoes so much of the US stock market at present – a strong recovery from April’s panic low, and new multi-year highs, but as concerns mount about the outlook for consumer spending, stocks like Carnival are going to find it harder to keep the market on board with its positive narrative.