The FTSE 100 traded flat to slightly lower on Monday as investors focused on renewed discussions around a possible peace deal for Ukraine. Market sentiment weighed on defence-related stocks, which tend to benefit from prolonged geopolitical tensions. Shares of BAE Systems fell about 1.5%, while Rolls-Royce declined roughly 1%, reflecting concerns that a de-escalation in the conflict could dampen future defence spending and order flows. In contrast, healthcare stocks provided some support to the index. AstraZeneca rose around 0.6% and GSK gained about 0.5%, tracking strength in the European biotech sector after French clinical-stage drugmaker Abivax surged nearly 5%. Abivax has been buoyed by takeover speculation and growing optimism around its lead drug candidate for ulcerative colitis, lifting sentiment toward large pharmaceutical names.