The FTSE 100 traded flat to slightly higher on Tuesday, following a strong 7.2% gain in the first half of the year. Mining stocks led gains, with Antofagasta, Glencore, and Anglo American up between 1.5%-2.5%. Also, gold miners Fresnillo and Endeavour rose 1.7% and 1.3%, respectively. On the data front, UK house prices unexpectedly fell by 0.8% in June, with annual growth slowing to 2.1%, below expectations. The surprise drop weighed on homebuilders, with Barratt Redrow falling 1.5%, and Persimmon and Taylor Wimpey also underperforming. Elsewhere, Sainsbury’s rose nearly 2% after better-than-expected quarterly results. In M&A news, Barclays reportedly made the highest bid in the race to acquire TSB, competing with Santander, both offering around €3 billion. Separately, Aviva’s £2.6 billion acquisition of Direct Line was approved by competition regulators, setting the stage for the creation of the UK’s largest motor insurer.
