Defense & Geopolitical Fragmentation▲
FTSE 100 closes lower as housebuilders and Babcock falter
The FTSE 100 closed down 23.80 points, or 0.2%, at 10,484.22 on Monday, pressured by falling housebuilders and a sharp drop in Babcock International. Housebuilders declined after Bank of England data showed net mortgage approvals for house purchases fell to 56,200 in May from 66,000 in April, the lowest since December 2023, while net mortgage borrowing dropped to £2.9 billion from £4.4 billion. Babcock International led the FTSE 100 fallers, down 5.2%, amid reports the government has dropped plans for an advanced warship the defence group was vying to develop. Oil prices edged higher with Brent crude at 72.85 dollars a barrel after US-Iran tensions disrupted shipping through the Strait of Hormuz. On the FTSE 250, Bridgepoint Group jumped 16% after agreeing to acquire Kayne Anderson Real Estate for 1.39 billion dollars upfront, boosting its assets under management to around 120 billion dollars.