23rd Feb 2026 17:06
(Alliance News) - The FTSE 100 closed slightly lower on Monday as strength in mining stocks was offset by concerns about US trade policy.
The FTSE 100 index closed down just 2.15 points at 10,684.74. The FTSE 250 ended down 204.91 points, 0.9%, at 23,546.65, and the AIM All-Share closed up 1.15 points, 0.1%, at 816.26.
The Cboe UK 100 was down 0.1% at 1,063.09, the Cboe UK 250 was 0.9% lower at 20,861.00, and the Cboe Small Companies Index declined 0.5% at 18,522.51.
On the FTSE 100, miners Fresnillo and Endeavour Mining added 3.2% and 6.4% respectively, while elsewhere in the sector, Antofagasta climbed 2.2% and Glencore traded 1.2% higher.
Gold climbed to USD5,216.70 an ounce from USD5,066.90, while silver gained 3.3%.
Joshua Mahony at Scope Markets explained gold - which hit a three-week high - was being lifted by events in Iran and tariff uncertainty.
The latest trade worries came after US President Donald Trump raised the global tariff he wants to impose to 15% after the Supreme Court struck down many of his sweeping duties imposed last year at the end of last week.
Trump said on Saturday in a social media post that he was making the decision "based on a thorough, detailed, and complete review of the ridiculous, poorly written, and extraordinarily anti-American decision on Tariffs issued yesterday [Friday]," by the US Supreme Court.
After the court ruled he did not have the emergency power to impose many sweeping tariffs, Trump signed an executive order on Friday night that enabled him to bypass Congress and impose a 10% tax on imports from around the world. Trump then raised the level to 15%.
"This latest shake-up to global trade no doubt provides a fresh degree of uncertainty going forward," said Mahony at Scope Markets.
"No longer does this look like a targeted policy aimed at fixing an unfair system for the US, but instead it is essentially a blanket tax aimed at replicating the income from the old tariffs," he added.
The pound climbed to USD1.3505 on Monday afternoon from USD1.3492 at the equities close on Friday. The euro stood higher at USD1.1801 from USD1.1780. Against the yen, the dollar was trading lower at JPY154.33 compared to JPY154.95.
In European equities on Monday, the CAC 40 in Paris closed down 0.2%, while the DAX 40 in Frankfurt ended 1.1% lower.
Losses in Frankfurt came despite figures showing the business climate in Germany improved by more than anticipated in February.
Data from the ifo institute showed the Business Climate index climbed to 88.6 points in February, higher than an increase to 88.4 points that had been pencilled in by the FXStreet-cited consensus, from 87.6 points in January.
The current assessment index ticked up to 86.7 points in February from 85.7 points in January, beating the consensus of 86.1.
The expectations index rose to 90.5 points in February, in line with the consensus, from 89.6 points in January, the latter of which was revised up from 89.5.
"February's improvement reinforces our view that the recent pickup in activity is likely to be sustained as fiscal easing gains traction through the year," commented Mariana Monteiro, analyst at JP Morgan.
It was another bleak day for investors in Novo Nordisk as it said its obesity drug candidate CagriSema delivered up to 23% weight loss over 84 weeks in a late-stage head-to-head trial, but failed to meet its primary endpoint against Eli Lilly's tirzepatide.
Lilly was up 4.6% in New York, while Novo slumped 16% in Copenhagen.
"These data points could further reduce market expectations for CagriSema, even ahead of the Redfine 11 trial, and while we continue to expect approval for CagriSema and likely some use by physicians as part of a portfolio approach in obesity, investors are not likely to give credit here until the sales start to come though post approval," wrote Goldman Sachs analyst James Quigley.
Stocks in New York were lower. The Dow Jones Industrial Average was down 1.4%, the S&P 500 index was 1.0% lower, and the Nasdaq Composite declined 1.1%.
The yield on the US 10-year Treasury narrowed to 4.04% on Monday from 4.09% on Friday. The yield on the US 30-year Treasury ebbed to 4.69% from 4.73%.
Back in London, sports retailer JD Sports gained 3.4% after it said it intends to return GBP200 million to shareholders through share buybacks in the 2027 financial year.
The Manchester, England-based sportswear retailer said the share buyback programme will start immediately with a value of up to GBP100 million.
Software stocks and data providers were in the red once more on AI disruption worries.
Accountancy software provider Sage fell 4.4%, exchange operator and data provider London Stock Exchange dipped 2.5%, and credit checker Experian declined 2.6%.
On the FTSE 250, Mony Group advanced 2.8% as it announced a fresh GBP25 million share buyback, and unveiled improved annual results despite "significant headwinds" in the car insurance sector.
The Ewloe, Wales-based price comparison website operates the MoneySuperMarket and TravelSuperMarket comparison sites.
Mony said pretax profit increased 1.7% to GBP110.5 million in 2025 from GBP108.7 million in 2024, with revenue rising 1.6% to GBP446.3 million from GBP439.2 million.
It represented a record revenue outcome fuelled by strong performance in Money and Home Services, Mony said.
Adjusted earnings before interest, tax, depreciation and amortisation grew 2.3% to a highest-ever GBP145.1 million from GBP141.8 million, the firm added.
But Johnson Matthey plunged 17% after Honeywell International agreed to cut the price of its planned acquisition of the Catalyst Technologies division and extend the deadline for completion.
Honeywell said it has agreed to amend the terms of the acquisition, reducing total consideration to GBP1.33 billion from GBP1.80 billion.
The long stop date for satisfying closing conditions has been extended to July 21, 2026, with a possible further extension to August 21, 2026 if certain conditions are met. Both companies now expect completion by the end of August 2026, subject to regulatory approvals.
Johnson Matthey said the revised price reflects Catalyst Technologies' performance in the 2025-26 financial year, including the deferral of "key" sustainable solutions licensing projects and reduced profitability from catalyst supply "due to the challenging market environment".
Brent oil traded higher at USD71.96 a barrel on Monday afternoon from USD71.33 late Friday.
The biggest risers on the FTSE 100 were Endeavour Mining, up 300.00p at 5,010.00p, JD Sports Fashion, up 2.64p at 80.82p, Fresnillo, up 122.00p at 3,976.00p, Marks & Spencer, up 9.80p at 406.90p and Centrica, up 4.35p at 192.60p.
The biggest fallers on the FTSE 100 were ICG, down 86.00p at 1,652.00p, Pershing Square Holdings, down 198.00p at 4,230.00p, Sage Group, down 35.60p at 783.60p, Mondi, down 39.40p at 887.00p and Whitbread, down 109.00p at 2,621.00p.
Tuesday's global economic calendar has consumer confidence figures, the Richmond Fed manufacturing index and S&P/Case-Shiller home price index.
Tuesday's domestic corporate calendar has full-year results from speciality chemicals maker Croda, lender Standard Chartered and student accommodation provider, Unite.
By Jeremy Cutler, Alliance News reporter
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.
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