FTSE 100 Live: The Market's Unpredictable Dance
In the ever-shifting world of finance, the FTSE 100's journey is a captivating tale of highs and lows, especially when viewed through the lens of the mining sector's rollercoaster ride. On this particular day, January 28, 2026, the market presented an intriguing paradox. While the pound soared to a 2021 peak, seemingly unaffected by Trump's nonchalant stance on the dollar's struggles, the mining sector's rally seemed to falter.
The question on everyone's mind: Was this the end of the mining sector's upward trajectory? Fresnillo, the star performer of 2025, took a nosedive, shedding nearly seven percent, with Endeavour not far behind, dropping by nearly five percent. This downturn occurred even as gold's remarkable surge broke through the $5,100 barrier for the first time, and silver reached an all-time high, up by nearly eight percent on Tuesday morning. Despite some gains being eroded, the metals remained firmly above the $5,000 mark at market close.
However, this wasn't enough to entice investors back into the mining sector. Instead, banks took center stage, with HSBC leading the charge. In a remarkable turn of events, HSBC's gains propelled it to become the most valuable firm on the market, surpassing AstraZeneca's net worth of over $300 billion. Chris Beauchamp, chief market analyst at IG, highlighted the significance of HSBC's performance, stating, 'Were it not for HSBC's gains today, the index would be struggling to make any headway, despite the continued strength in gold and silver.'
The banking sector, including Natwest, Lloyds, and Barclays, also basked in the glow of the pre-earnings rally. Natwest advanced nearly three percent, reaching a post-financial crisis high of 668.40p, while Lloyds and Barclays gained just under two percent and 1.7 percent, respectively. This shift in focus from mining to banking left investors wondering: Would the mining sector regain its favor this morning, or would it be another day dominated by the City's financial giants?
As the market continues to dance to its unpredictable tune, stay tuned for the latest updates. Here's a quick glimpse at some of yesterday's top stories:
- Revolution Bars' rescue deal leads to the closure of over 20 sites, impacting nearly 600 jobs.
- Pubs receive £300 million in tax relief, but hotels and restaurants are left out.
- Loveholidays is eyeing a £1 billion London IPO as early as March.
- Andy Street suggests that the Conservatives can beat Reform with center-right policies.
- Food prices are expected to rise despite easing inflation predictions.
