National Grid Rallies with Defensives as Energy Majors Jump 2.5%
FTSE 100 dropped 44 points to 10,623 as miners and airlines led losses, with Shell and BP rising about 2.5%. Defensive utilities, including National Grid, gained alongside Centrica’s 1.5% rise, bolstered by strength in energy stocks.
1. FTSE 100 Market Drop
The FTSE 100 opened down 44 points at 10,623 as copper, precious metals miners and major airlines led the sell-off. Antofagasta fell 3.4%, Fresnillo lost 2.9% and IAG declined 2.8%, dragging the index lower.
2. Energy Sector Rally
Energy giants Shell and BP rallied approximately 2.5% each, while British Gas owner Centrica climbed 1.5%. Elevated oil prices under $100 per barrel supported the sector’s upside momentum.
3. National Grid and Defensive Utilities Gain
Defensive names benefited from the energy rebound, with National Grid among the gainers alongside BAT, Tesco, BT, Imperial Brands and Sainsbury’s. Investors rotated into stable utility and consumer-defensive stocks as broader market volatility increased.