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FTSE 100 rose at the beginning of the week due to an increase in industrial metal mining stocks and copper prices. The life insurance index was also lifted by Phoenix Group's forecast upgrade. The commodity-focused FTSE 100 increased by 0.25%.

Phoenix Group, a UK-based insurance company, experienced a notable 5.8% surge in its shares, making it the top gainer on the FTSE 100 index. This upward movement follows the completion of the merger between two of its insurance brands, Standard Life and Phoenix Life.As a result of the successful merger, Phoenix Group has revised its full-year cash generation forecast. The 2023 cash generation target has been upgraded to approximately £1.8 billion ($2.20 billion), a significant increase from the previous forecast range of £1.3 billion to £1.4 billion. Furthermore, the cash generation target spanning from 2023 to 2025 has been raised to £4.5 billion, up from the earlier projection of £4.1 billion. Despite this positive development, the company's stock has faced a decline of around 19.2% year-to-date. The recent boost in share value reflects the market's positive response to the merger completion and the improved financial outlook for Phoenix Group.

On the negative side of the ledger Endeavour Mining's quarterly report last week showed bullish results as the company surpassed revenue forecasts by 2.8% with US$539m and exceeded statutory earnings per share expectations by 55% with US$0.24, however, it appears profit taking has kicked in today with the miner sitting just off the bottom spot of the blue chip index shedding just under 2% on the session. Endeavour has been pipped to the bottom spot by Ladbroke’s owner Entain down 4.4% on the day.

FTSE Bias: Bullish Above Bearish below 7400

• Below 7350 opens 7210
• Primary support at 7200
• Primary objective 7550
• 20 Day VWAP bullish, 5 Day VWAP bullish

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