- FTSE 100 down 0.02%, FTSE 250 up 0.24%
- Mining stocks fall after copper prices retreat
- ONS may delay labour market survey rollout to May 2027
- Defence stocks gain amid geopolitical tensions
Jan 16 (Reuters) - London's benchmark index traded cautiously on Friday after notching a record closing high in the previous session, as falling metal prices weighed on mining stocks and offset gains in defence shares.
The blue-chip FTSE 100 was flat at 10236.58 points as of 0955 GMT, marginally easing off a three-week peak. Meanwhile, the domestically focused mid-cap index was up 0.24%, climbing to a five-week high.
Both indexes were on pace to end the week on a positive note, driven by strength in resource-focussed stocks earlier in the week, dominated by geopolitical developments and regional economic data.
London-listed miners led losses, with Anglo American, Rio Tinto and Antofagasta down between 1.8% and 2.3%, pressured by concerns over weakening demand for copper from top consumer China.
The index of precious metal miners was down 1.1% as gold extended its losses, pressured by stronger-than-expected U.S. economic data that dampened hopes of near-term Federal Reserve rate cuts, while easing geopolitical tensions in Iran reduced demand for the safe-haven metal.
Defence stocks rallied amid renewed instability around the Russia‑Ukraine conflict after President Volodymyr Zelenskiy declared a state of emergency and Britain pledged £20 million in energy aid to Ukraine.
Britain's aerospace and defence index jumped 1.25%, with BAE Systems climbing 1.6%, Avon Technologies rising 1.5% and Rolls-Royce Holdings up 1.1%.
Separately, Britain's Office for National Statistics is preparing contingency plans to delay the rollout of its revamped labour market survey by up to six months, Bloomberg News reported on Friday. The agency still aims for a November transition but may push the launch to May 2027, the report said.
Among other stocks, Pearson fell 3% to the bottom of the benchmark index and dragged down media stocks after Barclays cut target price to 1070 pence from 1175 pence.
Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Vijay Kishore
Source: Reuters