09.02.202617:04:23UTC+00UK Stocks Close Slightly Higher

The FTSE 100 closed about 0.2% higher at 10,386 on Monday, just below its record high, after recovering from a modest pullback at midday. The index was buoyed by strength in mining and defence stocks.

Copper producer Antofagasta led the risers, jumping 6.6% in line with gains in the copper price. Precious metals groups Fresnillo and Endeavour Mining also advanced sharply, adding 5.9% and 5.5%, respectively, as silver and gold prices rose. Among the diversified miners, Glencore, Rio Tinto and Anglo American all posted solid gains of between 3% and 4.8%.

Aerospace and defence names were also firmer, with Rolls-Royce up 3.7%, BAE Systems 3.4% higher and Babcock gaining 2.7%.

In contrast, NatWest fell 6% after announcing a £2.7 billion deal to acquire UK wealth manager Evelyn Partners from funds advised by Permira and Warburg Pincus, alongside the launch of a new £750 million share buyback.

Investors also monitored escalating political uncertainty in the UK amid the Mandelson scandal. The Prime Minister is scheduled to address the parliamentary Labour Party later today following a series of senior staff departures.