Business
Top 5 Gainers Lead Rally as Commodities Surge on May 13
LONDON — The FTSE 100 pushed higher Wednesday as mining stocks and specialist services firms dominated the leaderboard, with Intertek Group leading gains amid strong sector rotation toward commodities and industrial testing services.
By mid-morning on May 13, 2026, the blue-chip index had climbed around 0.5% to trade near 10,318, extending recent momentum. Mining heavyweights benefited from firm metal prices, while testing and certification leader Intertek surged on positive sentiment and possible contract momentum.
Here are the top five FTSE 100 gainers on the session:
1. Intertek Group (ITRK) — Up more than 6.7% to around 5,660 pence. The quality assurance and testing services provider saw its shares jump sharply, adding over 360 pence. Investors appeared to reward the company’s diversified global operations and resilience in industrial and consumer testing segments.
2. Metlen Energy & Metals — Advanced roughly 4.1% to 39 pence. The diversified energy and metals group continued to attract buyers on commodity strength and operational updates.
3. Anglo American — Rose nearly 3.8% to 4,045 pence. The diversified miner gained as copper and other industrial metals held firm amid global demand signals from Asia and infrastructure spending expectations.
4. Antofagasta — Climbed about 3.5% to 4,094 pence. The Chilean copper producer benefited from the same tailwinds lifting peers, with copper prices supported by supply concerns and long-term electrification trends.
5. Rio Tinto — Gained around 3% to 8,155 pence. The Anglo-Australian mining giant rounded out the top performers, riding higher iron ore and copper sentiment.
These moves highlight the FTSE 100’s heavy exposure to global commodities. Miners often lead or lag the index based on metal price cycles, and Wednesday’s action reflected renewed optimism in the resources sector.
Intertek’s outsized gain stood out in a session otherwise dominated by resource names. The company provides testing, inspection and certification across industries from oil and gas to pharmaceuticals and consumer goods. Analysts note steady demand for its services amid regulatory tightening and quality focus worldwide. Recent trading updates have shown resilience despite macroeconomic uncertainties.
Mining stocks’ performance tied directly to commodity markets. Copper prices remained elevated due to ongoing supply disruptions in key producing regions and expectations of increased demand from renewable energy and electric vehicles. Anglo American and Antofagasta, with significant copper exposure, have been standout performers in 2026 so far.
Rio Tinto, a major iron ore player, also drew support from steel demand indicators in China and elsewhere. The sector’s rebound comes after periods of volatility linked to global growth concerns and trade dynamics.
Broader market context showed selective buying. Energy stocks like BP and Shell traded modestly higher earlier but were not in the top tier Wednesday. Defensive names and financials saw mixed fortunes as investors weighed geopolitical developments and UK domestic data.
The FTSE 100’s year-to-date performance in 2026 has been solid, driven by international revenue exposure. Dividend yields remain attractive, and the index has often outperformed more tech-heavy peers during periods of uncertainty. Mining and energy names have contributed significantly to returns alongside insurers like Beazley and asset managers like Schroders.
Commodity analysts point to structural factors supporting prices. The global energy transition requires vast amounts of copper, nickel and other metals, while iron ore benefits from infrastructure cycles. Supply constraints, including labor issues and permitting delays, add upward pressure.
For Intertek, the rally may reflect relief after any prior weakness or anticipation of strong interim results. The firm operates in over 100 countries, providing a hedge against regional slowdowns. Its services are essential rather than discretionary, supporting steady cash flows.
Market watchers note rotation patterns. After earlier strength in defensives and banks, capital flowed into cyclicals on signs of stabilizing growth. However, caution persists around inflation, interest rates and Middle East tensions that could impact energy and transport costs.
Trading volume was healthy in the gainers, indicating genuine interest rather than thin-market moves. Anglo American and Antofagasta saw solid turnover alongside Intertek. This breadth suggests conviction among institutional buyers.
Looking ahead, analysts will monitor upcoming corporate results and macroeconomic releases. Earnings from major miners later in the season could validate recent share price strength. For Intertek, any contract wins or margin improvements would further underpin sentiment.
The top gainers’ performance underscores the FTSE 100’s diversified nature. While technology and growth stocks dominate headlines elsewhere, London’s market offers exposure to real assets and essential services. This mix appeals to income-focused and value-oriented investors globally.
Challenges remain for the broader index. A stronger pound could pressure exporters, while persistent geopolitical risks might cap enthusiasm. Domestically, political and fiscal developments continue to influence gilt yields and borrowing costs.
Despite these factors, Wednesday’s movers demonstrated resilience. Miners’ gains reflect confidence in commodity supercycle elements, while Intertek’s surge highlights opportunities in non-cyclical industrial services.
Investors considering exposure to these names should weigh sector-specific risks. Mining stocks face operational, regulatory and environmental challenges, while testing firms navigate competitive landscapes and client spending cycles. Diversification via ETFs tracking the FTSE 100 or resources sub-sectors remains popular.
As the trading day progresses, focus will shift to whether early gains hold into the close. Follow-through buying could push the index toward recent highs, while profit-taking might temper advances. Corporate news flow and commodity price ticks will likely dictate direction.
The session’s top five gainers encapsulate current market themes: commodity strength and quality industrial plays. In an uncertain global environment, these FTSE 100 constituents offer compelling narratives for investors seeking both growth and income potential.
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According to the company, the approval covers Tofacitinib Tablets indicated for the treatment of adult patients with moderately to severely active rheumatoid arthritis (RA), active psoriatic arthritis (PsA), active ankylosing spondylitis (AS), moderately to severely active ulcerative colitis (UC), active PsA, and active polyarticular course juvenile idiopathic arthritis (pcJIA).
The regulatory approval has been granted by the U.S. Food and Drug Administration, the company said in its filing. Concord Biotech stated that the approval aligns with its growth strategy and is expected to strengthen its position in the U.S. market. The company added that the clearance allows it to expand its product portfolio and pursue opportunities in the U.S. and international markets.
According to market estimates cited by the company, the U.S. market opportunity for Tofacitinib Tablets across the 5 mg and 10 mg strengths is approximately $500 million. The approval pertains specifically to the company’s ANDA for Tofacitinib Tablets in the two approved dosage strengths. The company said the development supports its long-term growth plans and enhances its ability to participate in the relevant therapeutic segments in the United States.
The company noted that the approval for Tofacitinib Tablets, 5 mg and 10 mg, is expected to strengthen its presence in the U.S. market while broadening its range of offerings. The approval also provides access to a market that the company estimates at approximately $500 million for the two strengths combined.
Concord Q4 snapshot
The R&D-focused biopharmaceutical company reported a 36.8% year-on-year decline in fourth-quarter net profit at Rs 88.8 crore, compared with Rs 140.4 crore in the corresponding period last year, as lower revenue and margin compression weighed on earnings.
Revenue from operations fell 24.1% to Rs 326.1 crore from Rs 429.9 crore a year earlier. EBITDA for the quarter declined 37.8% year-on-year to Rs 118.5 crore, while the EBITDA margin contracted to 36.4% from 44.3% in the year-ago quarter.
Concord share price is down 36% in the last 1 year. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Oppenheimer reiterates ServiceNow stock rating on AI growth outlook
OPINION: Caution about AI is understandable but must not become an excuse for delay.
Investors seeking exposure to the artificial intelligence surge in 2026 are focusing on companies leading advancements in chips, cloud computing, software and data infrastructure, with Nvidia, Microsoft and Alphabet frequently cited among the strongest positioned players as capital spending on AI remains robust.
The AI sector continues to drive significant market gains, with infrastructure buildouts by hyperscalers fueling demand for semiconductors, enterprise tools and applications. While volatility persists amid high valuations and execution risks, analysts highlight a core group of stocks benefiting from secular tailwinds in data centers, generative AI and automation.
1. Nvidia (NVDA) Nvidia dominates AI accelerators with an estimated 80-90% market share in high-end GPUs. Its Blackwell platform and upcoming architectures underpin massive data center demand, with revenue growth exceeding 60% in recent periods. The company’s CUDA ecosystem creates strong competitive moats, making it a foundational pick for AI infrastructure exposure.
2. Microsoft (MSFT) Microsoft integrates AI across Azure, Copilot tools and Office suite, partnering closely with OpenAI. Cloud revenue acceleration and enterprise adoption position it for sustained growth, balancing high-margin software with infrastructure investments.
3. Alphabet (GOOGL) Google’s parent leverages Gemini models, custom TPUs and cloud services while maintaining advertising dominance. AI enhancements across search and YouTube, combined with growing cloud backlog, support optimistic outlooks for 2026 performance.
4. Broadcom (AVGO) Broadcom excels in custom AI accelerators and networking chips, supplying major hyperscalers. Strong order momentum and diversification beyond consumer markets have driven outperformance, with analysts noting its role in AI hardware ecosystems.
5. Meta Platforms (META) Meta invests heavily in AI for content recommendation, advertising efficiency and metaverse initiatives. Robust user growth and high-margin ad revenue provide funding for infrastructure, with efficiency gains from AI already visible in results.
6. Advanced Micro Devices (AMD) AMD challenges Nvidia in GPUs and leads in certain CPU segments with EPYC processors. Its Instinct accelerators gain traction as companies diversify suppliers, offering investors a growth story at relatively more accessible valuations.
7. Amazon (AMZN) Amazon Web Services leads cloud computing with extensive AI services and custom Trainium/Inferentia chips. E-commerce scale and advertising further bolster the company’s diversified AI exposure.
8. Taiwan Semiconductor Manufacturing (TSM) As the world’s leading chip foundry, TSMC manufactures advanced processors for Nvidia, Apple and others. Its process technology leadership remains critical to the AI supply chain.
9. Palantir Technologies (PLTR) Palantir delivers AI-powered data analytics platforms to governments and enterprises. Commercial momentum and platform adoption have accelerated, positioning it as a software beneficiary of AI deployment.
10. Micron Technology (MU) Micron provides high-bandwidth memory essential for AI training and inference. Strong demand for its DRAM and NAND products has driven exceptional performance, with analysts projecting continued growth as AI workloads expand.
Market Context and Investment Considerations
AI-related capital expenditures by major tech firms are projected to remain elevated in 2026, supporting the entire ecosystem from chips to applications. Morningstar and other analysts identified several of these names as undervalued or fairly priced with strong moats as of early June.
Risks include potential slowdowns in AI hype cycles, geopolitical tensions affecting supply chains, regulatory scrutiny and high valuations leaving limited room for error. Diversification across hardware, software and services mitigates single-company exposure.
Analysts emphasize long-term horizons. Companies demonstrating clear paths to monetization, strong balance sheets and technological leadership are best positioned. Quarterly results, product roadmaps and hyperscaler spending updates will provide key signals throughout the year.
Broader AI Investment Landscape
Beyond the top 10, names like Accenture, Arista Networks, Adobe and Dell also feature in many lists for their roles in implementation, networking and services. The sector’s expansion into edge AI, autonomous systems and industry-specific applications creates additional opportunities.
Investors should conduct thorough due diligence, considering individual risk tolerance and portfolio allocation. Many experts recommend a balanced approach rather than concentrating solely in a few high-profile names. Professional financial advice is essential, as past performance does not guarantee future results.
The AI transformation is reshaping industries from healthcare and finance to manufacturing and entertainment. Stocks with deep technical expertise and scalable business models are viewed as long-term winners in this shift. As 2026 unfolds, execution on massive infrastructure investments and innovation pipelines will differentiate leaders.
Market participants remain optimistic about AI’s productivity benefits, though debates continue over near-term returns on investment. The selected companies represent a cross-section of the value chain, offering investors varied ways to participate in what many consider a multi-decade opportunity.
Careful monitoring of macroeconomic conditions, interest rates and competitive dynamics will be crucial. With AI adoption accelerating, these stocks are expected to remain in focus for growth-oriented portfolios throughout 2026 and beyond.
Available for over a year
“I do want to make money, but I want to make money in the right way, ethically. But more importantly, I want use this money to be able to give back.”
Charles Gitonga speaks to entrepreneur and businessman Mohammed Dewji about becoming one of Africa’s youngest billionaires and how he wants to use his wealth.
Mohammed Dewji is a Tanzanian businessman, entrepreneur and philanthropist who has primarily accumulated his wealth from his family business, an East African conglomerate founded by his grandparents and expanded by his father in the 1970s. It deals with textile manufacturing, flour milling, beverages and edible oils.
About twenty-five years ago, Africa had no dollar billionaires. Today, there are still only 23, not a huge number for a continent rich in mineral wealth and an abundance of relatively cheap labour. Their combined wealth has grown to more than 100 billion US dollars.
Dewji signed the Giving Pledge in 2016 promising to donate at least half his fortune to philanthropic causes. He explains why he believes billionaires have a responsibility to give back.
Thank you to the Focus on Africa team for its help in making this programme.
The Interview brings you conversations with people shaping our world, from all over the world. The best interviews from the BBC, including episodes with Sierra Leone’s first lady Fatima Bio, former Sudanese leader Aisha Musa, and SungAh Lee from the International Organisation for Migration. You can listen on the BBC World Service on Mondays, Wednesdays and Fridays at 0800 GMT. Or you can listen to The Interview as a podcast, out three times a week on BBC Sounds or wherever you get your podcasts.
Presenter: Charles Gitonga
Producer: Cordelia Hemming
Editor: Justine Lang
Get in touch with us on email TheInterview@bbc.co.uk and use the hashtag #TheInterviewBBC on social media.
(Image: Mohammed Dewji. Credit: Getty)
Dan Finley has overseen the successful turnaround of Debenhams department store. He shares the best advice he’s received and some of the keys to his success.
The shockwaves of the Covid-19 pandemic are still hitting the U.S. car market and pushing prices up, even for exceptionally old cars.
The pandemic dealt a severe blow to the total supply of new cars, which has rippled down to the used market.
About 8 million vehicles that would have been made for U.S. buyers during those years never were, largely due to production shutdowns and supply shortages, said Jeremy Robb, chief economist for Cox Automotive. Automakers faced with curtailed production weighted their lineups toward money-making high-end vehicles, a strategy they have largely continued.
These factors have been pushing up prices for everyone — even customers buying decade-old used vehicles.
“I think it’s kind of the new normal outside of a big economic impact,” Robb said. “Supply is not getting a lot better over the next three to four years.”
About 16.2 million cars were sold in 2025, up from the pandemic-era low of 13.8 million in 2022, according to the U.S. Bureau of Economic Analysis. Cox is forecasting about 15.8 million vehicles will be sold in 2026, while JD Power is predicting 16.3 million.
That’s a significant drop from the record 17.55 million vehicles sold in 2016.
Volumes were already dropping before the pandemic set in. The auto market is historically cyclical, so sales go up and down.
But JD Power Senior Vice President Tyson Jominy said the U.S. auto industry has sold roughly 16 million fewer vehicles than it would have if annual sales had held at the 2016 record of 17.5 million. That is about a year’s worth of volume gone — about half of it since the pandemic.
Fewer vehicles coming to the new market have constrained supply in the used one.
“A new vehicle sale is the marble at the top of the mousetrap game,” Jominy said. “And when you drop that marble, it’s going to go through all the chutes and ladders all the way down to the bottom.”
Leasing and incentives
In addition to tighter supply, automakers and dealers have also cut back on industry practices like leasing and incentives because supply was so short.
“Leasing is really expensive for an OEM,” Robb said, referring to the acronym that stands for original equipment manufacturer, another name for automakers.
Typically, payments are lower for leases, there can be lots of upfront costs for the manufacturer and when the car comes back it has to be flipped into the used market, among other things, he said.
“The OEMs really leaned into building more profitable cars like trim levels, trucks, SUVs, things like that,” Robb said. “And those, they’re more expensive. They tend not to get leased as much.”
Off-lease vehicles are a big pipeline for the used market. Prior to the pandemic, leasing was roughly 30% of the new vehicle market, Robb said. In 2022, it hit a low of 18%.
Because most leases are for three years, it has taken that long for the used market to feel the wave.
Automakers also don’t want to have to discount vehicles if they don’t have to. During the pandemic, they didn’t need to.
Incentives — essentially discounts on new cars — averaged about 9.5% of vehicle prices across the new car market before the pandemic, according to Cox Automotive. During the pandemic, they fell to a fraction of that. They’ve climbed back up, averaging about 6.5% to 7% in 2026, Cox’s Robb said. But that is still low compared with prepandemic levels, and they aren’t represented evenly across the industry.
All this means that used car prices have stayed relatively high.
Meanwhile, consumers are facing high gas prices, inflation and increased expenses across the board.
“Prices have gone up about a third and yet salaries and income have not nearly matched those increases,” JD Power’s Jominy said. “There’s a smaller group of buyers that can afford new vehicles. The average new vehicle household income is over $150,000 a year versus about $80,000 for the U.S. economy as a whole.”
Data from Cox Automotive shows that demand for even 9- and 10-year-old used vehicles is much higher than it has historically been. That indicates that more consumers are trading down and seeking out ever-older and cheaper cars as prices rise.
“We don’t normally see this kind of pricing pressure in the lower end of the market,” Robb said.
Defending champion Argentina delivered a confident performance in its final tune-up before the 2026 FIFA World Cup, defeating Iceland 3-0 in an international friendly at Jordan-Hare Stadium on Tuesday night. Goals from Valentín Barco, Lionel Messi and Thiago Almada highlighted a dominant display in front of a passionate crowd dominated by Argentine supporters.
The match served as Argentina’s last major test ahead of its Group stage opener against Algeria in Kansas City. Coach Lionel Scaloni used the opportunity to evaluate squad depth while carefully managing minutes for key players, particularly captain Messi, who entered as a substitute and converted a second-half penalty.
Early Breakthrough and Control
Argentina took the lead in the eighth minute through young left back Valentín Barco. The Boca Juniors talent capitalized on hesitant Icelandic defending, firing a low shot through a crowded box that goalkeeper Ólafur Ólafsson could not fully stop. Barco’s energetic performance throughout the night suggested he is pushing for a larger role in the tournament squad.
The Albiceleste maintained territorial dominance, creating several chances through fluid midfield play. Iceland, missing several regulars and fielding a younger lineup, struggled to contain Argentina’s movement but showed occasional counter-attacking threat, particularly through forward Albert Guðmundsson.
Messi, who did not start as part of a rotation plan, entered in the second half to a thunderous ovation. The 41-year-old superstar added the second goal from the penalty spot in the 71st minute after a foul in the area, showcasing his trademark composure. Thiago Almada sealed the result with a late strike in the 86th minute, rounding out a comfortable victory.
Squad Rotation and Preparation Focus
Scaloni fielded a mix of starters and fringe players, allowing several squad members to stake their claims for World Cup minutes. The absence of some regulars, including goalkeeper Emiliano Martínez due to fitness management, highlighted the depth Argentina has built since its 2022 triumph.
Defenders like Nicolás Otamendi and midfielders including Rodrigo De Paul provided stability, while attackers such as Julián Álvarez and Lautaro Martínez offered constant threat. The friendly marked another strong showing on U.S. soil, following a recent win over Honduras, as Argentina builds momentum heading into the expanded 48-team tournament.
Iceland, ranked outside the top 70 in recent FIFA listings, used the match for valuable experience against elite opposition. Despite the loss, the Nordic side displayed moments of organization and resilience, though they were ultimately outclassed by Argentina’s technical superiority and tactical discipline.
Atmosphere and Significance
The venue in Auburn, Alabama, created an electric atmosphere with an estimated near sellout crowd of around 87,000, the vast majority cheering for Argentina. Fans waved flags, chanted and created a home-like environment for the visitors, echoing the massive support seen during the 2022 World Cup in Qatar.
This friendly caps a series of preparatory matches for Argentina as it aims for a historic back-to-back title. Only Brazil has successfully defended a World Cup in the modern era, adding extra motivation for Scaloni’s side. Messi, in what may be his final World Cup, continues to lead by example both on and off the pitch.
Broader Context for World Cup Contenders
The result reinforces Argentina’s status among the top favorites for 2026 glory. With a favorable group draw and strong squad cohesion, the defending champions appear well-prepared for the challenges ahead, including travel across the three host nations.
For Iceland, the encounter provided insight into gaps against top-tier teams, offering lessons as they continue development programs. Matches like these highlight the global appeal of friendlies in the lead-up to major tournaments, drawing large crowds and international attention even outside traditional football hotspots.
Looking Ahead
Argentina now shifts full focus to its World Cup campaign, with training sessions and final squad refinements planned. Scaloni has emphasized continuity and experience, banking on the core group that delivered in Qatar while integrating promising talents like Barco.
The victory extends Argentina’s strong form in recent friendlies, boosting confidence as the tournament opener approaches. Fans and analysts alike will watch closely to see if the defending champions can replicate or surpass their 2022 success on North American soil.
Iceland returns home to continue its own preparations for future competitions, using the exposure gained against world-class opposition to inform its development strategy. The friendly served its purpose for both sides, delivering competitive action and valuable minutes in a high-profile setting.
As the 2026 World Cup draws near, performances like Argentina’s signal the high level of competition fans can expect. The blend of established stars and emerging players across national teams promises an exciting tournament, with defending champions setting an early benchmark in their final preparations.
The result underscores Argentina’s readiness and the continued global draw of Lionel Messi, whose every appearance generates massive interest. With the tournament kickoff just days away, all eyes turn to the group stage battles that will define the next world champion.
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