The FTSE 100 Index Closes 0.31% Higher

The FTSE 100 Index gained 34 points or 0.31 percent on Tuesday to close at 10891 points. Gains were led by Antofagasta (6.85%), Anglo American (5.45%) and Halma (5.02%). Biggest losers were Smith & Nephew (-6.22%), BP (-4.68%) and Coca-Cola Europacific Partners (-4.11%).

The FTSE 100 gained 0.3% on Tuesday, lagging behind other major markets as weakness in energy stocks offset a strong rally in mining shares. Investor sentiment improved amid growing expectations that the US and Iran could reach an agreement, easing concerns over potential supply disruptions and pushing oil prices sharply lower. BP shares dropped more than 4.5% despite reporting stronger-than-expected quarterly results, while Shell declined around 2.4%. Smith & Nephew also weighed on the index, falling over 6% after lowering its full-year sales growth outlook. In contrast, mining stocks surged, with Antofagasta up around 7%, Anglo American gaining 5.3%, and Fresnillo rising 4.4%. Rio Tinto, Endeavour Mining, and Glencore also advanced on stronger commodity prices, while HSBC remained broadly unchanged despite solid earnings and a $1 billion buyback announcement.

The FTSE 100 gained around 0.5% on Tuesday, moving back toward record highs as a strong rally in mining stocks offset muted performances from some heavyweight companies. Antofagasta led the sector with a gain of more than 3.5%, while Anglo American advanced 2.5% and Rio Tinto, Glencore, and Endeavour Mining each climbed over 2%, supported by stronger commodity prices. HSBC, the index's largest constituent, traded only slightly higher despite reporting better-than-expected earnings and announcing a new $1 billion share buyback. BP also posted modest gains after delivering quarterly results that exceeded market expectations. In contrast, Smith & Nephew was among the session's biggest laggards, falling more than 7% after cutting its full-year sales growth forecast, citing temporary weakness in its US orthopaedics business that weighed on second-quarter performance.