The FTSE 100 opened 46 points down to 10,382 as investors exercised caution amid mixed cues from US-Iran negotiations, even as US President Donald Trump struck an optimistic tone over the prospect of a deal.
Hiscox Ltd surged 4.58% to £1,621, while Lion Finance Group advanced 3.22% to £11,550 and Inter Continental Hotels Group gained 3.12% to $150.40.
Among miners, Antofagasta climbed 2.65% to £3,919.50, while Fresnillo rose 2.43% to £3,546. Meanwhile, JD Sports Fashion moved higher by 2.47% to £69.68.
On the downside, RELX dropped 4.99% to £2,494, while Admiral Group declined 3.78% to £3,203 and Coca-Cola HBC slipped 3.52% to £4,272.
Among other laggards, Severn Trent fell 2.73% to £3,131, while London Stock Exchange Group eased 2.29% to £9,126 and Games Workshop Group edged lower by 1.13% to £19,740.
JD Sports cautioned that profits would fall further in 2026/27, citing limited market growth and uncertainty over the Middle East conflict’s impact on its customer base, after like-for-like sales fell 2.3% in the first quarter. Pre-tax profit of the firm fell by 12% to £629 million in the year to January, even as sales rose by 12% to £12.7 billion.
Shell’s first quarter exceeded expectations on the back of booming oil trading. The oil major recorded earnings of $6.9 billion (£5 billion), rising past the analysts' consensus of $6.4 billion. It also marked a notable uplift on the $3.3 billion pocketed in the final quarter of 2025.
Wealth manager Rathbones reported a fall in funds under management in Q1 of the financial year. Funds under management and administration (FUMA) tumbled 1.7% to £113.6 billion from £115.6 billion the previous quarter. This included a decline in its wealth management arm to £105.2 billion from £106.2 billion, while the asset management arm recorded a fall from £16.6 billion in the last quarter to £15.7 billion. Total net outflows remained flat at £0.8 billion, but asset management saw a jump in net outflows from £0.3 billion to £0.4 billion.
BAE Systems said it was on track for 9% to 11% earnings growth this year, as the Iran war kept orders flowing into Britain’s biggest defence contractor, whose order backlog has nearly doubled since Russia invaded Ukraine in 2022.
Also Read: Stock Market Today: Sensex Flat at 77,991, Nifty50 Above 24,350
In the US, overnight, the tech stocks were the key drivers as the Nasdaq rose 2% and the S&P 500 1.5% as both closed at fresh record highs, with the Dow Jones adding 1.2%.
In Asia, Japan’s Nikkei 225 surged 5.9% to 63,039.3 points, with both AI and semiconductor stocks leading the rally. In South Korea, the index remained above the 7,000 mark, rising 1.3% to 7,483 points. Taiwan’s TAIEX also recorded a 1.93% gain.
In China, both the CSI 300 and Shanghai Composite inched up 0.3%, while Hong Kong’s Hang Seng jumped 1.3%. The Indian markets are marginally up, with Nifty 50 rising 0.04% and Sensex gaining 0.02%.
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