The FTSE 100 opened 7.39 points lower at 10,836.80 ahead of anticipated US inflation data, and as oil continues to rise amid tensions in the Middle East. Brent crude futures rose 0.67% to $89.51 per barrel. US West Texas Intermediate (WTI) advanced 0.72% to $83.80 per barrel.
Sterling fell to $1.3511 on Tuesday from $1.3522 in the previous session. Against the euro, it fell to €1.1702 from €1.1708.
On the upside, Lion Finance Group climbed 1.66% to 12,840p. Rolls-Royce Holdings advanced 1.50% to 1,556p, while Endeavour Mining gained 1.46% to 4,244p. BAE Systems rose 1.44% to 2,262p, Babcock International Group added 1.30% to 1,206.50p, and Barratt Redrow increased 1.25% to 323.20p.
On the downside, RELX fell 1.50% to 2,569p. Next declined 1.32% to 15,380p, while Reckitt Benckiser Group dropped 0.98% to 5,232p. AstraZeneca slipped 0.93% to 11,734p, London Stock Exchange Group lost 0.73% to 8,742p, and Spirax Group edged 0.62% lower to 7,180p.
US President Donald Trump, speaking on Tuesday, reiterated US ‘total control’ over the Strait, saying "We have total control over the Strait of Hormuz right now... We own it," while warning Tehran of a ‘forceful’ response to any retaliation.
Balfour Beatty increased its earnings and cash flow targets. The group has seen the value of its order book jump by 17% to £22.9 billion in the six months to June, as its revenue increased by 8% to £5.6 billion.
This revenue boost was driven by rising demand in US housebuilding and the UK’s power industry, the firm said.
The group lifted its earnings targets from low single-digit to high double-digit growth and hiked the upper limit of its net cash forecast from £1.5 billion to £1.7 billion.
Hill & Smith has raised its profit targets for the year after a strong first half. The firm posted an 8% rise in revenue to $606.7 million following demand in US power grids and data center markets.
It said it expects full-year profit to be ‘modestly ahead of previous expectations,’ after penciling in $212m previously.
The group disposed of its lower-margin UK permanent steel road barrier business to reduce exposure to the weaknesses in the sector. Hill & Smith hiked its interim dividend to 25c per share, up 7%.
Also Read: Stock Market Update: Nifty 50 Started Flat, Sensex Rose 109 points
In the US, the S&P 500 lost 0.32%, dropping for a second day and closing at 7,728.20. The Nasdaq Composite fell 0.60% and the Dow Jones Industrial Average shed 184.13 points, or 0.34%.
In Asia on Wednesday, Tokyo's Nikkei 225 fell 0.83% to 67,524.06, while China’s Shanghai Composite gained 0.32%. Hong Kong’s Hang Seng declined 0.97%, and South Korea’s Kospi edged higher by 3.68%. In India, both the Nifty 50 and the Sensex fell by 0.81% and 0.77%, respectively.
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