FTSE 100 Dips Amid Downgrades, Glencore Shines

The FTSE 100 index declined by 0.4% to 10,858.04 in afternoon trade on Monday.

Coca-Cola HBC shares fell after BNP Paribas downgraded them from 'outperform' to 'neutral', citing limited upside following the stock's strong run.

Legal & General also declined as Citi cut its 2026-27 remittances by 4.5% and downgraded the shares to 'sell' from 'neutral' due to valuation concerns.

GSK, Imperial Brands, and British American Tobacco were among defensive stocks that fell on Monday.

On the other hand, Glencore outperformed as Deutsche Bank maintained its 'buy' rating, citing a compelling bottom-up story for the miner.