FTSE 100 opens slightly higher; precious metals miners cap gains by Reuters

(Reuters) – Britain’s benchmark started the week on a higher note, supported by broad growth and a weaker labor market report, while precious metal mining stocks fell, capping gains.

The blue-chip FTSE 100 was up 0.1 percent by 0715 GMT, while the average cap was flat.

Most sectoral indexes traded in the green, with the industrial support services index leading gains with a 0.6 percent gain.

Meanwhile, precious metals miners fell 3% to their lowest levels in nearly a month as bets firmed for a smaller US rate cut in November after strong jobs data . (EMPTY/)

Britain’s labor market showed more signs of cooling in September as wage growth rose at its slowest pace in nearly four years, likely reassuring the Bank of England as it considers whether to cut borrowing costs again.

In addition, UK house prices rose in September at their fastest annual pace since November 2022, as expectations of further reductions in borrowing costs boosted momentum in the property sector.

In company news, BP (NYSE: ) has abandoned a goal to cut oil and gas production by 2030 as CEO Murray Auchincloss scales back the company’s energy transition strategy to win back investor confidence. The weight of industry increased by 0.4%.

Shell’s ( LON: ) refining margins fell sharply in the third quarter from the previous three months, while earnings from trading oil products also fell.