London close: FTSE ends up but off highs as oil giants weigh
By Michele Maatouk
Date: Monday 29 Sep 2025
(Sharecast News) - London stocks ended up but off earlier highs on Monday, held back by weakness in the energy sector.
The FTSE 100 closed up 0.2% at 9,299.84.
Chris Beauchamp, chief market analyst at IG, said: "Oil's torrid day has weighed heavily on the FTSE 100, dragged lower by BP and Shell, but on the plus side pharma, defence and mining have all helped to support the index.
"Gold continues to break records, buoyed by the continued easing by central banks around the globe, while its less glamorous cousin copper has made strong gains today, boosting Antofagasta and others. Another attempt to hit record highs seems on the cards for the FTSE 100."
Investors were keeping an eye on the US, where the potential for a government shutdown this week loomed and the non-farm payrolls report is due on Friday.
Richard Hunter, head of markets at Interactive Investor, said: "The possibility of a government shutdown this week is a complication which investors could do without. Quite apart from any disruption, there could be an impact on jobs and in addition, such an outcome would delay Friday's release of the non-farm payrolls report, which to some extent would leave the Fed flying on one engine.
"Even so, the NFP report - should it happen - is expected to show that around 40,000 jobs were added in September, compared to 22,000 the previous month, with unemployment staying unchanged at 4.3%. Such a weak reading for the second consecutive month would be indicative of the Fed's current dilemma.
"On the one hand, the economy is still not in need of obvious support, as evidenced by last week's readings such as strong ongoing GDP growth. By the same token, a weakening labour market is offset by inflation levels which are still north of the Fed target."
On home shores, investors were digesting Chancellor Rachel Reeves' speech at the Labour Party Conference. Reeves urged fiscal responsibility, warning that there was "nothing progressive" in mounting government debt.
Market participants were also mulling the latest Bank of England money and credit report, which showed that mortgage approvals dipped in August despite the cost of borrowing coming down.
The latest survey from the Confederation of British Industry was also in focus, showing that business confidence remained low in September as companies forecast further falls in activity during the coming quarter.
In equity markets, insurer Admiral rallied after a double upgrade to 'buy' at Jefferies.
Berkeley Group advanced as the housebuilder announced the promotion of a divisional finance director to its chief financial officer position. Neil Eady, who has been with the company for 12 years and currently leads the finance function of Berkeley Capital, has been appointed to the board with immediate effect.
GSK pushed higher as it announced that chief executive Emma Walmsley was leaving the company after nearly a decade in the role. She will be replaced by the biopharma's chief commercial officer Luke Miels.
Richard Hunter, head of markets at Interactive Investor, said the announcement removes "some recent management uncertainty surrounding the stock, leaving the shares 13% higher this year despite the overarching concerns around pricing in the pharma sector as a whole".
AstraZeneca was a little firmer after saying it plans to list its shares directly on the New York Stock Exchange, rather than the current depository shares, and that it will remain listed and headquartered in London.
Genuit advanced after saying it has bought Davidson - a business which comprises leading brands in the plumbing and heating sectors including Salamander Pumps, Cistermiser, Talon and Keraflo - for £49m.
CMC Markets surged as it struck a key deal with Australia's Westpac Banking Corporation to provide Westpac Share Trading and St George Directshares - the bank's online share trading services - with branded web and mobile white label platforms.
On the downside, BP and Shell gushed lower as oil prices fell after Kurdistan resumed crude oil exports over the weekend.
Cruise operator Carnival slumped even as it lifted its annual profit guidance and posted record third-quarter results, pointing to strong demand.
IG's Beauchamp said: "Investors have chosen to disembark cruise titan Carnival despite a boost to its full-year outlook.
"The story echoes so much of the US stock market at present - a strong recovery from April's panic low, and new multi-year highs, but as concerns mount about the outlook for consumer spending, stocks like Carnival are going to find it harder to keep the market on board with its positive narrative."
Rentokil lost ground as Berenberg initiated coverage on the shares with a 'sell' rating.
Market Movers
FTSE 100 (UKX) 9,299.84 0.16%
FTSE 250 (MCX) 21,866.48 0.85%
techMARK (TASX) 5,434.12 0.92%
FTSE 100 - Risers
Antofagasta (ANTO) 2,810.00p 5.40%
JD Sports Fashion (JD.) 92.90p 4.38%
Admiral Group (ADM) 3,314.00p 3.63%
Berkeley Group Holdings (The) (BKG) 3,810.00p 3.48%
Metlen Energy & Metals (MTLN) 48.33p 3.04%
Convatec Group (CTEC) 230.60p 2.40%
Babcock International Group (BAB) 1,302.00p 2.28%
Anglo American (AAL) 2,755.00p 2.23%
GSK (GSK) 1,518.00p 2.15%
Burberry Group (BRBY) 1,172.50p 2.09%
FTSE 100 - Fallers
Coca-Cola HBC AG (CDI) (CCH) 3,480.00p -3.81%
BP (BP.) 434.60p -2.45%
Rolls-Royce Holdings (RR.) 1,163.50p -1.61%
Shell (SHEL) 2,696.00p -1.37%
BT Group (BT.A) 193.35p -1.15%
Weir Group (WEIR) 2,680.00p -0.96%
Rentokil Initial (RTO) 366.10p -0.78%
Imperial Brands (IMB) 3,151.00p -0.76%
Centrica (CNA) 165.80p -0.75%
Unilever (ULVR) 4,387.00p -0.57%
FTSE 250 - Risers
CMC Markets (CMCX) 236.00p 5.59%
Genuit Group (GEN) 356.50p 4.55%
Travis Perkins (TPK) 612.50p 4.08%
Keller Group (KLR) 1,470.00p 3.97%
BlackRock World Mining Trust (BRWM) 675.00p 3.37%
Chemring Group (CHG) 581.00p 3.20%
Marshalls (MSLH) 175.80p 2.93%
AO World (AO.) 102.60p 2.81%
Grainger (GRI) 190.40p 2.80%
PPHE Hotel Group Ltd (PPH) 1,362.00p 2.71%
FTSE 250 - Fallers
Carnival (CCL) 1,964.50p -4.48%
Ithaca Energy (ITH) 192.95p -3.53%
Ocado Group (OCDO) 223.50p -3.41%
Raspberry PI Holdings (RPI) 401.20p -3.37%
Harbour Energy (HBR) 209.80p -2.33%
Close Brothers Group (CBG) 496.00p -2.17%
Diversified Energy Company (DEC) 1,051.00p -1.87%
B&M European Value Retail S.A. (DI) (BME) 259.10p -1.60%
Pollen Street Group Limited (POLN) 920.00p -1.08%
Pantheon International (PIN) 344.50p -1.01%
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