FTSE 100 Edges Higher as Mining Stocks Climb

The FTSE 100 rose 0.1% on Tuesday morning, supported by strength in heavyweight mining stocks. European markets were similarly steady, with the DAX unchanged, while the CAC 40 and Stoxx 600 each gained 0.1%.

Miners are dominating the leaderboard, with Fresnillo climbing 3.4%, Anglo American up 2.2%, Antofagasta gaining 1.9% and Glencore advancing 1.8%. Endeavour Mining also traded higher, rising 1.1%.

The rise comes despite a plunge in precious metals on Monday, with spot gold falling over 4% and spot silver down 9%. So far on Tuesday, both have recouped a fraction of yesterday's losses.

Elsewhere in the FTSE 100, losses were limited, with Experian down 1.3%, DCC off 0.9% and ConvaTec slipping 0.8%.

In other London-listed stock news, Ocado was among the companies in focus after announcing that mutual exclusivity agreements have now ended in most markets where its technology operates, including the United States with Kroger.

The company noted it had expected these arrangements to roll off by year-end, as outlined in its half-year results. The move will allow Ocado to reintroduce its technology offering to retailers in a wider range of major global grocery markets.

Meanwhile, the board of Edinburgh Worldwide Investment Trust published an open letter to Saba Capital, seeking clarification on the activist investor’s intentions.

The board drew parallels to Saba’s previous campaign less than a year ago, which was rejected by shareholders. It posed several questions, asking whether Saba plans to replace the investment manager, alter the company’s investment strategy, or guarantee that management fees will not rise.

The trust emphasized that Saba’s earlier proposals included shifting management to Saba, changing the investment approach and initiating a liquidity event, and said shareholders deserve transparency ahead of any vote.