The FTSE 100 opened lower today, down 0.2%, marking a retreat from recent record highs. Fresnillo, a metals mining company, has emerged as the top performer on the index, increasing by 1.6%. Conversely, WPP remains at the bottom of the index, with shares dropping an additional 1.9% following a cut in its sales growth guidance. The company’s shares recently fell to their lowest point since 1998.
In corporate news, Fresnillo has announced an acquisition of Probe, a Canadian gold mining firm, for approximately $780 million CAD (around £424 million). This year, Fresnillo’s shares have seen substantial growth, rising over 240%, making it the best-performing stock on the FTSE 100, partly due to increasing gold prices.
In the housing market, UK house prices rose by 0.3% in October, outpacing analyst expectations who predicted no growth. Year-on-year, prices are up 2.4%, averaging £272,226. Nationwide Building Society’s chief economist, Robert Gardner, noted that this performance reflects some resilience in the housing market against a backdrop of lower consumer confidence and rising mortgage rates.
Alice Haine, an analyst at Bestinvest, commented that the slowing growth in house prices suggests that potential buyers and sellers are taking a cautious “wait and see” approach, especially before upcoming budgets that may introduce new tax proposals affecting property taxes.
In the global market, US tech companies Apple and Amazon reported stronger-than-expected results. Both companies showcased significant sales increases, with Apple achieving record-breaking iPhone sales and Amazon benefiting from high demand for cloud services. Investors in the US may react positively, although Asian markets showed mixed responses following the announcements, with Japan’s Nikkei 225 index gaining while China saw a decline in shares after BYD’s profit drop.
Source: https://www.theguardian.com/business/live/2025/oct/31/uk-house-prices-rise-asian-stocks-mixed-tech-earnings-business-live-news