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U.K. stocks are modestly higher on Monday with the benchmark FTSE 100 hovering near record highs, led by gains defense shares like in most of the major markets<\/span> across Europe, on prospects of increased spending on defense.<\/p>\n The FTSE 100 was up 61.97 points or 0.7% at 8,871.71 a little past noon.<\/p>\n BAE Systems is up with a hefty gain of 14%. Rolls-Royce Holdings is gaining about 5.5%.<\/p>\n IMI, Antofagasta, Anglo American Plc and Intermediate Capital are up 2.5 to 4%. Glencore is rising 2.3%, while Haleno is advancing nearly 2% and Melrose Industries is gaining 1.8%.<\/p>\n Fresnillo, Flutter Entertainment, Rightmove, Shell, Rio Tinto, GSK, F&C Investment Trust, Marks & Spencer, HSBC, Hikma Pharmaceuticals, Smurfit, Smith & Nephew and Vistry Group are also notably higher.<\/p>\n Shares of distributor of non-food products, Bunzl Plc are down nearly 7% on weak results. The company posted statutory pre-tax profit of 673.6 million pounds for fiscal year 2024, down 3.6% from last year’s 698.6 million pounds. Profit for the year declined to 501.0 million pounds or 148.7 pence per share from 526.2 million pounds or 156.0 pence per share a year ago.<\/p>\n On an adjusted basis, Bunzl’s pre-tax profit was 872.9 million pounds, compared to 853.7 million pounds a year ago.<\/p>\n National Grid and Severn Trent are declining 2.5% and 2.4%, respectively. B&M European Value Retail, IAG, Taylor Wimpey, United Utilities, J Sainsbury, SSE, Airtel Africa, Croda International and BT Group are down 1.3 to 2%.<\/p>\n A report from S&P Global said the UK manufacturing PMI fell to 46.9 in February from 48.3 in January, revised higher from preliminary expectations of 46.4.<\/p>\n A report from the Bank of England said net net mortgage approvals for house purchases in the UK, a key indicator of future borrowing, remained largely stable at 66,190 in January 2025, slightly down from a downwardly revised 66,510 in December but exceeding market expectations of 65,650. <\/p>\n<\/p>\n<\/div>\n