Miners Hold FTSE Higher as Defence Stocks Slide on Spending Shift
LSE SETS · NORMAL REGULAR TRADING
Miners hold the rebound; defence slides
The FTSE 100 and FTSE 250 remain positive but have surrendered part of their early rise. Gold miners and Melrose lead; BAE and Babcock fall after the chancellor shelved the 3% defence-spending target for 2030.
28 AUG 2026 · 09:45 BST
UK quotes observed at 09:45 BST; delayed at least 15 minutes
At a glance
Change since 08:42 BST
The FTSE 100 eased from +0.27% to +0.22%; the FTSE 250 slipped from +0.27% to +0.21%. Both remain above Thursday’s close.
Melrose, Endeavour Mining, Mondi and Fresnillo now lead. The first-hour 3i surge has cooled to about 1%.
BAE Systems and Babcock sit at the bottom after the government deferred the 3%-of-GDP defence-spending ambition beyond 2030.
Leaders
Delayed ≥15 min
| Stock | Price | Move |
|---|---|---|
| Melrose | 521.60p | +2.48% |
| Endeavour Mining | 4,847p | +2.28% |
| Mondi | 896.80p | +2.09% |
| Fresnillo | 3,226p | +1.77% |
| SSE | 2,413p | +1.34% |
Laggards
Delayed ≥15 min
| Stock | Price | Move |
|---|---|---|
| BAE Systems | 2,063p | −1.39% |
| Babcock | 1,068p | −1.29% |
| Sage | 1,091p | −1.13% |
| Kingfisher | 314.70p | −1.13% |
| RELX | 2,643p | −0.94% |
Signal board
What matters now
Gold and diversified miners keep the FTSE 100 in positive territory while the broader European index advances about 0.6%.
The UK 10-year gilt yield is 5.05%; sterling is near $1.3586. Brent at $88.13 is heading for a 5.3% weekly fall.
Markets want clarity on inflation and rates. A hawkish surprise could lift global yields and pressure rate-sensitive UK shares.
Next watchpoints
UK market clock
Federal Reserve Chair Kevin Warsh
Jackson Hole keynote; inflation and policy reaction function are the focus.
LSE closing auction
Watch whether the FTSE 100 holds 10,800 and whether mid-cap strength broadens.
UK Summer Bank Holiday
London Stock Exchange cash equities are closed on Monday; the next regular session is Tuesday, 1 September at 08:00 BST.
3i and Miners Lift FTSE Ahead of Warsh Speech
LSE SETS · NORMAL REGULAR TRADING
Opening rebound, led by 3i and miners
The FTSE 100 has recovered part of Thursday’s 0.79% fall. Mid-caps are also firmer, but defence and software names lag as investors wait for the Federal Reserve chair’s Jackson Hole speech.
28 AUG 2026 · 08:42 BST
UK quotes shown at 08:42 BST; delayed at least 15 minutes
At a glance
Since the 08:00 BST open
Both large- and mid-cap benchmarks are positive; the FTSE 100 sits below its early high after opening from Thursday’s close.
Private equity, precious-metals miners, industrials and selected utilities lead. 3i and Endeavour Mining are each up more than 2%.
Defence and software/data names underperform: BAE Systems, Babcock, RELX and Sage make up four of the five largest blue-chip fallers.
Leaders
Delayed ≥15 min
| Stock | Price | Move |
|---|---|---|
| 3i Group | 2,894p | +2.12% |
| Endeavour Mining | 4,828p | +2.09% |
| Melrose | 519p | +1.73% |
| Diageo | 1,725p | +1.47% |
| Fresnillo | 3,206.5p | +1.23% |
Laggards
Delayed ≥15 min
| Stock | Price | Move |
|---|---|---|
| BAE Systems | 2,061p | −1.43% |
| Babcock | 1,068p | −1.29% |
| RELX | 2,636p | −1.16% |
| Barratt Redrow | 316.65p | −1.00% |
| Sage | 1,092.75p | −1.00% |
Signal board
What matters now
Nvidia’s 8.7% surge and a 1.57% Nasdaq gain provide a positive global lead, though London’s advance is much smaller.
Brent is on course for a 5.3% weekly drop as Gulf exports improve. That removes some inflation pressure but limits energy-sector support.
Markets want clarity on inflation and rates. A hawkish surprise could lift global yields and pressure rate-sensitive UK shares.
Next watchpoints
UK market clock
Federal Reserve Chair Kevin Warsh
Jackson Hole keynote; inflation and policy reaction function are the focus.
LSE closing auction
Watch whether 10,845 holds as the session high and whether mid-cap strength broadens.
UK Summer Bank Holiday
London Stock Exchange cash equities are closed on Monday; the next regular session is Tuesday, 1 September at 08:00 BST.
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